BLBG: Companies Added a More-Than-Estimated 157,000 Employees in June, ADP Says
Companies in the U.S. added 157,000 workers to their payrolls in June, according to figures from ADP Employer Services. The median estimate of economists surveyed by Bloomberg News called for an advance of 70,000.
Forecasts of the 36 economists surveyed by Bloomberg ranged from 40,000 to 175,000.
Over the previous six reports, ADP’s initial figure was closest to the Labor Department’s first estimate of private payrolls in February, when it understated the gain in jobs by 5,000. The estimate was least accurate in December, when it overestimated the increase in employment by 184,000.
A report yesterday showed employers announced more job cuts in June than a year earlier, the first such increase since February. Planned firings rose 5.3 percent to 41,432 last month from June 2010, according to figures from Chicago-based Challenger, Gray & Christmas Inc. Job-cut announcements were led by government agencies.
To contact the reporters on this story: Shobhana Chandra in Washington at Schandra1@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
