FOX Business’ Cheryl Casone breaks down the June ADP report, which comes in below expectations at 2.37 million.
The biggest economic report of the month is expected to show the job market continues to climb back from the depths of the coronavirus pandemic.
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The June employment report will be released Thursday morning, a day early because U.S. markets will be closed Friday for the Independence Day holiday.
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Another 3 million people are expected to be added to payrolls, an increase from May’s gain of 2.509 million, which was the highest on record. That report was a surprise as expectations were for a loss of 8 million jobs.
The unemployment rate likely fell a full percentage point to 12.3 percent.
In a precursor to the government’s report, private employers added 2.37 million jobs in June, according to the ADP National Employment Report released Wednesday.
US PRIVATE SECTOR ADDED 2.37M JOBS IN JUNE
The rise was attributed to states allowing businesses shuttered by the coronavirus outbreak to reopen and start rehiring.
The number was slightly below the 3 million forecast by Refinitiv economists. Hiring was concentrated in the leisure and hospitality industry, the sector hit hardest by the coronavirus pandemic and subsequent economic lockdown.
The Labor Department will also report weekly jobless claims.The estimate is for 1.355 million people to have filed for unemployment benefits, which would be the 13th straight week of declines.
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Since the coronavirus lockdowns were initiated back in mid-March 47.25 million people have filed jobless claims.Thursday’s report could bring that total to just over 48.61 million, or around 30 percent of the U.S. workforce.
