Economics
ADP Says U.S. Firms Add 2.37 Million Jobs, Fewer Than Forecast
- Economists urge disregarding upward revision to May figures
- Report indicates rebound in hiring began to slow in June
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U.S. companies added fewer jobs than expected in June as business reopenings expanded, adding to signs the economic recovery is cooling following a quick start.
Businesses’ payrolls increased by 2.37 million in June following a revised 3.07 million gain in May that was previously reported as a decline, according to ADP Research Institute data released Wednesday. The median projection in a Bloomberg survey of economists called for a 2.9 million rise in June.