Private Sector Jobs Surge; Weekly Claims Post Decrease

[jefferson_dem]

Private Sector Jobs Surge; Weekly Claims Post Decrease

The number of new people filing jobless claims fell more than expected over the past week while the private sector created jobs at a far faster pace than anticipated, separate reports showed Thursday.

Though still stubbornly high, weekly jobless claims dropped 11,000 to 418,000 over the past week, more than an expected 3,000 drop.

Meanwhile, the private sector added 157,000 jobs from May to June, well ahead of estimates though still not enough to make a meaningful cut into the unemployment rate, according to a report from ADP.

Services provided the biggest share of the gain, rising 130,000 in June and nearly three times faster than May, when the overall job creation total reported by ADP and Macroeconomic Advisors was 36,000. The May number was revised down 2,000.

"This month's jobs figures are a significant improvement over May's, particularly in light of last quarter's disappointing 1.9 percent GDP growth," said Gary C. Butler, Chief Executive Officer of ADP. "Given such strong employment results despite poor GDP, I am optimistic we will see improving job growth in the second half of the year."

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http://www.cnbc.com/id/43667039

[mopinko]

1. boner will take the credit. np

[Fuddnik]

2. I haven't seen one report from ADP in about 4 years that's close to accurate.

They're always consistently wrong. I don't know why they even bother.