Private-sector job growth slows to still-solid 158,000 [Los Angeles Times (CA)]
Automatic Data Processing, Inc. (ADP)
Last automatic data processing, inc. earnings: 4/29 06:56 am
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Source: Los Angeles Times
Private-sector job growth slows to still-solid 158,000 Job growth by U.S. businesses slowed to 158,000 in June, below analyst expectations but still a solid gain as labor market growth eases, payroll firm Automatic Data Processing said Thursday. Last month’s figure was down from 230,000 net new jobs in May. Analysts had expected the data, a closely watched harbinger for the Labor Department’s official report due out Friday, to show the private-sector added 180,000 jobs last month. But Mark Zandi, chief economist of Moody’s Analytics, said the job growth shows that the labor market “continues to power forward” at a consistent pace of between 150,000 and 200,000 net new jobs a month “At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter,” said Zandi, whose firm helps ADP in preparing its monthly report . ADP’s figures have been off in recent months compared to the official statistics from the Labor Department. In May
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