2020.07.0113:16:00UTC+00U.S. Private Jobs Report Shows Strong Growth In June, Substantial Upward Revision To May

A report released by payroll processor ADP on Wednesday showed a significant increase in private sector employment in the month of June as well as a substantial upward revision to the data for May.

ADP said private sector employment jumped by 2.369 million jobs in June, which was below economist estimates for a spike of about 3.000 million jobs.

However, revised data showed private sector employment soared by 3.065 million jobs in May compared to the previously reported loss of 2.760 million jobs.

The job growth in June was led by the leisure and hospitality industry, which saw employment spike by 961,000 jobs.

The construction, trade, transportation and utilities, and education and health services sectors also saw considerable job growth during the month.

"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.

She added, "In fact, 70 percent of the jobs added this month were in the leisure and hospitality, trade and construction industries."

Yildirmaz also noted that small business hiring picked up in June, skyrocketing by 937,000 jobs during the month.

Employment at large businesses also surged up by 873,000 jobs, while employment at mid-sized businesses jumped by 559,000 jobs.

On Thursday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Economists expect employment to spike by 3.00 million jobs in June after unexpectedly soaring by 2.51 million jobs in May.