There were 176,000 jobs added to private employers' payrolls in June, . The gain was larger than May's 136,000, ADP says.
That report, based on surveys of employers, is sometimes a preview of what the Bureau of Labor Statistics will say in its monthly employment report. The bureau's look at employment and unemployment in June is due Friday at 8:30 a.m. ET. In May, .
Joel Prakken, chairman of Macroecnomic Advisers (which produces the report for ADP) says in today's release that:
"The gain in private employment is strong enough to suggest that the national unemployment rate may have declined in June. Today's estimate, if reinforced by a comparable reading on employment from the Bureau of Labor Statistics tomorrow, likely will ease concerns that the economy is heading into a downturn."
We'll hear from the Employment and Training Administration this hour about last week's first-time claims for jobless benefits. When that number is released, we'll update this post.
Update at 8:40 a.m. ET. Layoffs At 13-Month Low:
"Planned layoffs fell to a 13-month low in June, as U.S.-based employers announced job cuts totaling 37,551 during the month," . It says "that is down 39 percent from the 61,887 announced job cuts in May."
Update at 8:32 a.m. ET. Jobless Claims Fell By 14,000:
There were 374,000 first-time claims for unemployment insurance in the week ended June 30, down 14,000 from the previous week, . At 374,000, claims were the lowest since mid-May.
But ETA also revised up slightly its estimate of claims for the week ended June 23 — to 388,000 from the initial estimate of 386,000.
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