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News : US Economy Last Updated: Jul 6, 2012 - 7:19 AM


US private-sector hiring was better than expected in June; Weekly jobless benefit claims fall
By Finfacts Team
Jul 5, 2012 - 4:07 PM

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US private-sector hiring was better than expected in June according to a report Thursday. Separately, the number of US workers filing for jobless benefits fell last week, indicating modest improvement in the jobs market.

Private-sector employment increased by 176,000 from May to June on a seasonally adjusted basis, according to the latest ADP National Employment Report released today. The ADP National Employment Report, created by payroll processor Automatic Data Processing, in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month. The estimated gain from April to May was revised up slightly, from the initial estimate of 133,000 to a revised estimate of 136,000.

On Friday, the Department of Labor will publish its key monthly employment report.

US Nonfarm Private Employment Highlights - - June 2012 Report:

  • Total employment: +176,000;
  • Small businesses:* +93,000;
  • Medium businesses:** +72,000;
  • Large businesses:*** +11,000;
  • Goods-producing sector: +16,000;
  • Service-providing sector: +160,000

Addendum:

Manufacturing industry: + 4,000

* Small businesses represent payrolls with 1-49 employees
** Medium businesses represent payrolls with 50-499 employees
*** Large businesses represent payrolls with more than 499 employees

All data included in the ADP National Employment Report is based on size of payroll. In some cases, small and medium-size payrolls belong to businesses employing more workers than indicated by the size grouping.

According to the reports, employment in the nonfarm private business sector rose 176,000 from May to June on a seasonally adjusted basis. Employment in the private, service-providing sector rose 160,000 in June, after rising a revised 137,000 in May. Employment in the private, goods-producing sector added 16,000 jobs in June, while manufacturing employment added 4,000, reversing May's decline. Construction employment rose by 8,000 jobs, more than reversing the declines of the two previous months. The financial services sector added 11,000 jobs from May to June.

"According to the ADP National Employment Report, the economy added 176,000 jobs in June, the majority of which came from the services-providing sector," said Carlos A. Rodriguez, president and chief executive officer of ADP. "In spite of lingering fiscal uncertainties, it is encouraging to see companies creating jobs, particularly in the goods-producing sector where we see positive growth following two months of job loss." Rodriguez added: "Since January of this year, our National Employment Report shows that, on average, businesses have added 173,000 jobs a month. We hope this growth continues at even a healthier rate across all sectors of the economy."

According to Joel Prakken, chairman of Macroeconomic Advisers, LLC, "The gain in private employment is strong enough to suggest that the national unemployment rate may have declined in June. Today's estimate, if reinforced by a comparable reading on employment from the Bureau of Labor Statistics tomorrow, likely will ease concerns that the economy is heading into a downturn."

Prakken added: "There seems little doubt that recent employment gains have been restrained by heightened uncertainty over the European financial crisis and by growing concerns about domestic fiscal policy. However, the acceleration of employment since April does lend credence to the argument that unseasonably warm weather boosted employment during the winter months, with a .payback. spread over April and May."

Employment levels among medium-sized payrolls - - those with 50 to 499 workers, rose by 72,000, while employment on large payrolls - - those with 500 or more workers - - increased by 11,000 jobs in June.

Jobless benefit claims

The Department of Labor reported today that in the week ending June 30, the figure for seasonally adjusted initial claims was 374,000, a decrease of 14,000 from the previous week's revised figure of 388,000. The 4-week moving average was 385,750, a decrease of 1,500 from the previous week's revised average of 387,250.

The advance number for seasonally adjusted insured unemployment during the week ending June 23 was 3,306,000, an increase of 4,000 from the preceding week's revised level of 3,302,000. The 4-week moving average was 3,304,250, a decrease of 3,000 from the preceding week's revised average of 3,307,250.

Planned layoff fall

Meanwhile, the number of planned layoffs at US firms fell in June to its lowest level in over a year, suggesting employers were not rapidly downsizing even as the economic recovery slows, a report on Thursday showed.

Employers announced 37,551 planned job cuts last month, down 39.3% from 61,887 in May, according to the report from consultants Challenger, Gray & Christmas.

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