The growth in private jobs missed even modest Wall Street expectations of 135,000 and signal a possibly weak nonfarm payrolls report Friday.
Private payrolls rose 102,000 in June, missing Wall Street expectations of 135,000, according to a report Wednesday from ADP and Moody's Analytics.
That missed even the meager 135,000 estimate from economists surveyed by Dow Jones and comes off the weak May growth of just 41,000. The May number was revised up from an initially reported 27,000. On the upside, job creation was fairly strong among bigger businesses. Companies with 50 to 499 employees posted growth of 60,000, while large businesses added 65,000.
Service-related industries provided all the job growth, adding 117,000 positions. Education and health services led the way with 55,000 and professional and business services contributed 32,000 to the total. Trade, transportation and utilities added 23,000 though leisure and hospitality rose by just 3,000 after adding 16,000 in May. Franchises grew by 13,500.
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