Actionable insights straight to your inbox

Equities logo

ADP Survey Shows US Companies Added Nearly 2.4 Million Jobs in June

ADP said Wednesday that small businesses reported the biggest increase, adding 937,000 jobs. Among industries, construction firms, restaurants, hotels and retailers posted large gains in hiring.
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Our teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. We provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Our teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. We provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.

Image source: Tim Mossholder / Unsplash

WASHINGTON (AP) — U.S. companies added nearly 2.4 million jobs in June, according to a private survey, a large gain that still leaves total employment far below its pre-pandemic levels.

The payroll company ADP said Wednesday that small businesses reported the biggest increase, adding 937,000 jobs. Among industries, construction firms, restaurants and hotels, and retailers posted large gains in hiring.

Yet according to ADP’s data, the economy still has 14.3 million fewer jobs than it did in February, before the viral outbreak intensified.

“We’ve obviously got into a big hole here because of the pandemic and are just trying to claw our way out,” said Mark Zandi, chief economist at Moody’s Analytics. Moody’s helps compile the ADP data for its monthly reports.

Still, the economy remains under pressure from the pandemic, as new spikes of the coronavirus in several southern and western states have forced some to pause their reopenings and impose new closures of bars and other businesses. That could slow hiring in the coming months.

On Thursday, the government will release the official jobs figures for June, which are projected to show that employers added 3 million jobs and the unemployment rate fell to 12.3%, down from 13.3% in May. Both those rates are among the highest the U.S. has seen since the Great Depression.

ADP does not include government jobs in its report and often diverges from the Labor Department’s data.

_____

Source: AP News

They're now able to use AI to assess data generated by everything from drills and trucks to conveyors and ships.