Analysts expect to see continued growth in the jobs report for June that will be issued this morning. The government is releasing the data one day early, due to the July 4 holiday.
Last month, the U.S. job market hit a milestone, finally surpassing pre-recession levels by gaining 217,000 jobs in May, the government said.
It’s unclear whether that number will be outdone today; experts’ estimates range from 215,000 jobs to 230,000. Stock markets have been rising on optimism ahead of the report. We’ll update this post when the report emerges.
“The payroll processing firm ADP said yesterday that private employers added 281,000 jobs in June — a two-and-a-half year high,” NPR’s Jim Zarroli reports for today’s Morning Edition. “The National Federation of Independent Businesses said hiring by small businesses increased for a ninth straight month.”
Those gains raise another important question: Where are the jobs?
Most of the growth in the ADP report was in small and medium-sized businesses, NPR’s Yuki Noguchi reports.
“Small businesses with fewer than 50 employees posted the biggest gains in employment in nearly two and a half years,” she said in a report for our Newscast unit. “And the hiring is happening across many different sectors, a sign that the broader economy is getting a boost after the slow winter. The construction and financial services industries doubled their hiring over the previous month.”
But the job growth hasn’t been evenly distributed to all areas. The AP finds that “32 states still have fewer jobs than when the recession began in December 2007.”
That finding is likely what Dianne Swonk, chief economist at Mesirow Financial, is talking about when she tells Jim Zarroli that analysts want to see proof of “real healing” rather than a statistical bump that helps a limited number of people.
“What we’d like to see is some real fundamental healing,” Swonk says, “and we’ve gotten some — but we are a long way from having the tide lift all boats. In fact, some boats have sunk to the bottom.”