The number of jobs available in the United States decreased in May after increasing the month prior, according to data released on Thursday by the Bureau of Labor Statistics.
According to payroll processing company ADP, businesses created 497,000 new positions in June, well exceeding the Dow Jones forecast of 220,000. It was a significant improvement over the downwardly revised 267,000 increases in May and the largest monthly increase in private-sector employment since July 2022.
With 232,000 new employees, the leisure and hospitality sector led all sectors in job growth. Construction, trade, transportation, and utilities were next. 6.4% annual pay increases were less than the 6.6% in May. Investors will be watching to see if the Federal Reserve raises interest rates in response to the positive figures.
On Friday, the U.S. Labor Department releases data on the number of new nonfarm payrolls in June.
The Labor Department said on Thursday that U.S. weekly unemployment claims increased 12,000 to a seasonally adjusted 248,000 for the week ending July 1.
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