Private survey: U.S. economy added 176K jobs in June
A day before the Labor Department is slated to release its official employment figures for June, a private survey out this morning says U.S. businesses increased hiring last month. Payroll provider ADP says American businesses added 176,000 jobs in June. That's better than the revised total of 136,000 jobs it reported for May. The report only covers hiring in the private sector and excludes government job growth. The Labor Department's figures will offer a more complete picture of June hiring. The ADP survey indicates hiring is picking up some, but it has often deviated sharply from government reports. In May, the Labor Department reported employers added just 69,000 jobs—the fewest in a year and nearly half of ADP's estimate. Meanwhile, the Labor Department says jobless aid applications fell to a six-week low last week. Weekly unemployment benefit applications dropped by 14,000 on the week to a seasonally adjusted 374,000, the Labor Department reports this morning; that's the fewest since the week of May 19. Read more about both reports out today and what economists expect from Friday's monthly jobs report in the full story here.
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