ADP Employment Report: 172,000 private sector jobs added to the economy in June

June payrolls may indeed pop back to trend, based at least on ADP's private payroll estimate of 172,000 which is well above the Econoday consensus for 150,000. But ADP's sample never did pick up the weakness during May in the government data as the ADP call for the month stands nearly unchanged, at a revised 168,000 vs the initial estimate of 173,000 and one that compares with the government total of only 25,000. The bottom line here is that the ADP report, like other indications on the labor market including jobless claims, are continuing to signal healthy conditions.