Private nonfarm payrolls in the US are projected to increase 235,000 (seasonally adjusted) in tomorrow’s June update from the Labor Department, according to The Capital Spectator’s median econometric point forecast. The expected monthly rise is moderately higher than the previously reported increase of 216,000 for May.
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Private nonfarm payrolls increased 281,000 in June over the previous month, according to this morning’s ADP Employment Report—substantially more than expected and the biggest monthly gain since November 2012. The consensus forecast was looking for +213,000, according to Econoday.com. Today’s release certainly looks encouraging for thinking that tomorrow’s official payrolls report from the Labor Department will also deliver upbeat news. Yet it’s still premature to argue that momentum for jobs has shifted into a higher gear.
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