According to the latest news from WorldWay, on July 2 in Washington, the report released by Automatic Data Processing Employment Services on the 2nd indicated that new jobs in the U.S. private sector surged significantly in June compared to May, aligning with widespread expectations for a rebound in the U.S. economy in the second quarter.
The report shows that new jobs in the U.S. private sector in June reached 281,000, much higher than the increase of 179,000 in May, and clearly exceeded economists' expectations, making it the month with the highest number of new jobs since November 2012.
In June of this year, small and medium-sized enterprises (with fewer than 500 employees) added approximately 232,000 new jobs; large companies added about 49,000 new jobs. By sector, the service industry contributed the most new jobs, reaching 230,000, up from 148,000 in May; the manufacturing sector added 12,000 jobs, a slight increase from May.
Mark Zandi, chief economist at Moody's Analytics, stated that the U.S. job market is steadily improving. All sectors are increasing employment. The performance of the job market suggests that economic recovery is fully underway and accelerating.
Impacted by severe weather, the U.S. economy contracted at an annualized rate of 2.9% in the first quarter, marking the worst performance since the first quarter of 2009. However, analysts generally believe that the effects of the severe weather are temporary, and recent economic data indicate that the U.S. economy will rebound in the second quarter.
The statistics collected by Automatic Data Processing Employment Services encompass data from 406,000 businesses and nearly 24 million employees, exceeding 20% of all private sector jobs, with a matching accuracy of 96% to the revised data published by the U.S. Department of Labor.
