Sat. Jul 24th, 2021

Nearly 700,000 private-sector jobs were added in the United States for the month of June, an industry report said Wednesday – significantly topping most analysts’ expectations.

(Photo Courtesy: Wall Street Journal)

ADP and Moody’s Analytics said in their monthly assessment that there were 692,000 new payrolls for the month. Most experts predicted about 550,000 new jobs.

Though the figure beat projections, it was a decline from almost 1 million new jobs in May.

“The labor market recovery remains robust, with June closing out a strong second quarter of jobs growth,” Nela Richardson, ADP chief economist, said in a statement.

“While payrolls are still nearly seven million short of pre-Covid-19 levels, job gains have totaled about three million since the beginning of 2021.”

Leading the gains were jobs in leisure and hospitality (332,000), education and health services (123,000), franchising (104,000) and trade and transportation (62,000).

“Service providers, the hardest hit sector, continue to do the heavy lifting, with leisure and hospitality posting the strongest gain as businesses begin to reopen to full capacity across the country,” Richardson added.

Large businesses added 240,000 jobs, medium-sized businesses 236,000 and small businesses 215,000.The Labor Department will release its official jobs report for June on Friday.

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