ADP on Wednesday reported a huge revision of 6 million in its estimate of private-sector employment for May.
The data processing company originally estimated that May saw a loss of over 2.7 million jobs. Wednesday’s report includes a revised estimate that the private sector gained 3 million jobs.
The report also showed that private-sector jobs continued to grow in June, with nearly 2.4 million jobs being added. The battered leisure and hospitality sector, which suffered massive jobs losses in the past, gained nearly 1 million jobs in June.
“As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, when announcing the June report. “In fact, 70 percent of the jobs added this month were in the leisure and hospitality, trade, and construction industries.”
Small businesses with less than 50 employees also fared well in June as nearly 1 million workers were added to payrolls.
“Small business hiring picked up in the month of June,” said Yildirmaz.
The federal government will release its jobs report for June on Thursday. Economists expect that the report will show a record 3.1 million jobs were added and that the unemployment rate fell from 13.3% to 12.3%.
