Private sector employment data came in strong in the USA

The national employment report for June, prepared by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab, has been published.

Accordingly, private sector employment increased by 497 thousand last month, the highest increase since February 2022.

The current data released is more than double the median estimate in the expectations survey conducted by Bloomberg. The expectation was that private sector employment would increase by 225 thousand in June.

Private sector employment in the USA increased by 278 thousand in May, but was revised to 267 thousand.

Job gains were relatively broad-based, including increases in the construction, trade, transportation and other service sectors, with most private employment in the leisure and hospitality sector.

On the other hand, while employment increases were experienced in every region except the Southern region of the USA, employment increases were mostly concentrated in companies with less than 250 employees.

On the other hand, there was a slowdown in the rate of increase in wages. The wages of employees who continue their current jobs increased by 6.4 percent in June compared to a year ago. The median increase in annual wages for job changers was 11.2.

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