Job market may be improving: Report

A closely watched report on job creation predicts that the private sector created 176,000 jobs in June. This is not a prediction of non-farm payrolls, which is what concerns the BLS, but rather reports from the field about hiring in private industry. Reuters: U.S. private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market. Employers outside government added 176,000 new workers to their payrolls last month, the ADP National Employment Report showed on Thursday, after increasing 136,000 in May. The government will release its closely watched employment report for June on Friday. While ADP has a poor track record of predicting nonfarm payrolls, it was a welcome sign for the labor market. Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 374,000, the Labor Department said. The four-week moving average...(Read Full Post)