U.S. private payrolls increased less than expected in June as reopening businesses showed little urgency to rehire workers and employers announced more than 170,000 layoffs, bolstering views the recovery from the COVID-19 pandemic would be a long slog.
FILE PHOTO: People walk on the streets amid the global outbreak of the coronavirus disease , in Austin, Texas, U.S., June 28, 2020. REUTERS/Sergio Flores/File Photo
A separate report from global outplacement firm Challenger, Gray & Christmas on Wednesday showed employers announced 170,219 job cuts in June. Though layoffs last month were down 57% from May, they jumped 306% compared to June last year. A third report, from the Institute for Supply Management , showed its index of national factory activity jumped to 52.6 last month from 43.1 in May. That was the strongest since April 2019 and ended three straight months of contraction. A reading above 50 indicates growth in manufacturing, which accounts for 11% of the U.S. economy.
Stocks on Wall Street were trading higher. The dollar fell against a basket of currencies. U.S. Treasury prices were lower.The ADP report, jointly developed with Moody’s Analytics, was published ahead of the government’s more comprehensive employment report for June scheduled for release on Thursday. U.S. financial markets and the government will be closed on Friday in observance of Saturday’s Independence Day holiday.
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