ADP private payrolls rise more than forecast

Private payrolls increased by 172,000 in June, according to ADP Research Institute.

The median estimate among economists was for an addition of 160,000, according to Bloomberg.

The goods-producing sector lost 36,000 jobs, and more than half of them were in manufacturing. The service-providing sector gained 208,000 jobs.

Following the slowdown in jobs growth during May to the weakest pace in six years, economists will use Friday’s upcoming jobs report from the Bureau of Labour Statistics to gauge whether there’s a real slowdown in hiring.

“Since the start of 2016, average monthly job creation has slightly dropped,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute, in the release.

“Lacklustre global growth, low commodity prices, and an unfavorable exchange rate continue to weigh on U.S. companies, especially larger companies.”

More to come …

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