In what continues to be a disconnect between Main Street and Wall Street, the latest (June 2024) data revealed U.S. private payrolls increased, but less than expected - consistent with slowing labor market momentum. This has not stopped the S&P 500 (
SP500.IDX) reaching all-time highs recently.
Private payrolls increased by 150,000 jobs after rising by an upwardly revised 157,000 May, the ADP Employment report showed on Wednesday 3rd July 2024. Economists (polled by Reuters) had forecast private employment increasing by 160,000 after a previously reported 152,000 gain.
The ADP report comes ahead of Friday 5th July 2024's more comprehensive and closely watched employment report for June from the Labor Department's Bureau of Labor Statistics (BLS). Initial prints have understated private payroll growth so far this year. Economists polled by Reuters ex ...
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