Topline
Healthcare-related sectors boosted private-sector employment in June as more jobs were added than expected, but the labor market is experiencing a “slowdown” in new jobs, according to data published Wednesday by the payroll processing firm ADP.
Nearly half of all job creation for private employers last month came from the education and health services sector.
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Key Facts
Private sector payrolls rose by 98,000 in June, ADP reported, down from May’s 122,000 added jobs, but above consensus analyst estimates of 92,500, according to FactSet.
The education and health services sector accounted for nearly half of all payroll growth, with 48,000 new jobs, followed by trade, transportation and utilities (15,000), financial activities (14,000), information (7,000) and professional and business services (2,000).
Businesses with fewer than 50 employees added 53,000 jobs, while companies that employ 500 or more saw a gain of 25,000.
crucial quote
“The pace of hiring is telling a story of both supply and demand,” Nela Richardson, ADP’s chief economist, said in a statement. “We know it’s taking longer for people to find work, but there are also signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation.”
This is a developing story.