After Massive Upward Revision, ADP Employment Data Shows Job Rebound Slowing In June
Profile picture for user Tyler Durden Wed, 07/01/2020 - 08:21

After the last two month's big drop in ADP employment (which was still dramatically different from BLS data), analysts expected a rebound surge in employment in June.

ADP saw 19.5mm people lose their jobs in April, another 2.8 million lost jobs in May (which has now been revised to +3.065mm!), and now sees the US economy adding 2.369 million in June (disappointing expectations of a 2.9 million gain)...

Source: Bloomberg

Both Goods and Services jobs rebounded but the pace of rebound slowed...

Source: Bloomberg

So, based on the revisions, job additions are slowing!

“Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

“As the economy slowly continues to recover,we are seeing a significant rebound in industries that once experienced the greatest joblosses.  In fact, 70 percent of the jobs added this month were in the leisure and hospitality, trade and construction industries.”

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So... if you put any credence in today's data, just remember last month's data was revised from a 2.76 million job loss to a 3.065 million job gain! Zandi?