Is The U.S. Economy Recovering?

FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon

CNBC: June private payrolls rose 2.37 million and there was a big positive revision for May, ADP says

* Private payrolls rose by 2.369 million in June, a bit below the 2.5 million estimate from economists surveyed by Dow Jones, according to ADP.
* May’s number saw a stunning revision, going from an initially reported loss of 2.76 million to a gain of 3.065 million.
* Hospitality industry workers saw the biggest gain, with 961,000 hires, while small businesses overall added 937,000.

Companies in June continued to bring workers back from their pandemic furlough as the national economy slowly came back to life.

Private payrolls grew by 2.369 million for the month, a bit lower than the 2.5 million expectation from economists surveyed by Dow Jones, according to a report Wednesday from ADP and Moody’s Analytics.

The total actually represented a decline from the previous month, which saw a dramatic upward revision to 3.065 million. ADP initially said May saw a loss of 2.76 million. However, the Labor Department two days later reported a gain of 2.5 million for May, a number that itself was far better than the Wall Street estimate of an 8 million loss.

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WNU Editor: The stock market posted its best quarter ever after yesterday's close. But it is still going to take a long time before the US economy is at the level that it was before this pandemic.

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