The US economy gained 2.3 million jobs in June, according to the ADP jobs report released this morning, with the largest gain seen in the leisure and hospitality sector as businesses impacted by the COVID-19 shutdown reopened, at least temporarily.
Small businesses, which ADP defines as those with fewer than 50 employees, picked up nearly one million workers.
Even with these reported job gains, the markets are mixed mid-day, signalling that investors had anticipated job gains after some states loosened restrictions.
The official Bureau of Labor Statistics report will be released tomorrow at 8:30 a.m. ET. Last month’s BLS report announced a 2.5 million job gain, but noted that data collection techniques were flawed. That error likely led to an unemployment rate actually being 3 percentage points higher than the 13.3% reported.