All eyes will be on the federal jobs report today, with President Obama hoping that June’s employment numbers surpass last month’s dismal growth.
Several economists pointed yesterday to the ADP National Employment Report showing jobs growth in the private sector increased by 176,000 last month, which, if confirmed by the federal government’s figures today, would constitute an increase over May’s abysmal 69,000 increase.
Alan Clayton-Matthews of the School of Public Policy & Urban Affairs at Northeastern University said the ADP report surprised him because “the news has been indicating a very weakly growing economy,” given the European debt crisis and widespread manufacturing woes.
But, he said, many employers have enough cash to hire more workers.
“Employers have been holding back on hiring, because they thought the economy was growing slowly,” he said.