USA private sector job growth slows in June

David McNew  Reuters

Employment in the USA private sector rose by less than expected in the month of June, according to a report released by payroll processor ADP on Thursday.

The dollar fell against the euro and yen on Thursday after data showed the United States private sector created fewer jobs than expected in June.

All of the June jobs in the ADP/Moody's count came from services, with professional and business positions showing the biggest gain at 69,000. Medium-sized businesses added 91,000 jobs, while those of less than 50 people added 17,000 jobs, and large businesses with at least 500 employees added 50,000 jobs.

Despite the miss the U.S. jobs market remains firm, with the labor market continuing to tighten.

A report by payrolls processor ADP also showed weaker than expected job gains in June, adding to the case for relatively slow economic growth.

"Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000", said Mark Zandi, chief economist of Moody's Analytics. He added "At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter". However, the two numbers sometimes don't mesh - in May, the ADP count of 230,000 was well ahead of the 138,000 in the Bureau of Labor Statistics report.

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