Data from a non-governmental source called ADP, whose other services include payroll processing, shows another huge jump in the number of jobs added across the U.S. economy in June. Measuring employment in the private sector, that total reached 497,000, or nearly half a million.
As noted on Twitter by CNN journalist Jim Sciutto, that total is substantially higher than an estimate from economists that had circulated and pinned the expected number of jobs added across June at 220,000. There can sometimes be significant differences between the totals reported from ADP and the numbers that come from the federal Labor Department, but the ADP figures are still generally consulted as a barometer for where things are going, economically speaking. And the firm’s latest numbers provide yet another rebuttal to the Republican argument that the U.S. is experiencing what’s essentially a period of ruin with Biden serving as president.
“CRIME & INFLATION ARE RAMPANT, OUR BORDERS ARE OPEN, OUR ELECTIONS ARE RIGGED, OUR ECONOMY IS IN SHAMBLES, OUR ENERGY INDEPENDENCE IS GONE, OUR “LEADER” IS MERCILESSLY MOCKED, & OUR COUNTRY IS BEING DESTROYED BOTH INSIDE & OUT,” Trump said online on Wednesday morning, but the actual facts show an economy that just isn’t in “shambles” like he claims. The rate of inflation, which is of course another metric that’s quite relevant to Americans across the country, has also been declining, reaching a one-year rate of just four percent in May.
That means the federal calculations, which in this case came from the Labor Department, showed the rate of overall price increases slowing in May to four percent when compared to the same month of the prior year.
Per ADP, most of the new jobs they recorded were added in service industries. When splitting up the new jobs by the size of the establishments where they were found, more were at small establishments, defined in this context to mean entities with 49 or fewer employees. “Large establishments” with 500 or more on staff actually saw a slight drop in their total jobs in June, according to this source. Read more on this matter here.
New: US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP’s latest National Employment Report released Thursday. That’s significantly higher than the 220,000 jobs economists predicted, according to Refinitiv.
— Jim Sciutto (@jimsciutto) July 6, 2023
Image: Gage Skidmore/Creative Commons