Private sector companies added 497,000 jobs in June, more than double expectations, ADP says

Summary via TLDRThis:

The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected, payroll processing firm ADP reported Thursday.

The increase resulted in the biggest monthly rise since July 2022.

From a sector standpoint, leisure and hospitality led with 232,000 new hires, followed by construction with 97,000, and trade, transportation and utilities at 90,000.

Annual pay rose at a 6.4% rate, representing a continued slowing that nonetheless still is indicative of brewing inflationary pressures.

Manufacturing lost 42,000 jobs, while information was off 30,000 and financial activities saw a decline of 16,000.