{"id":2035,"date":"2021-06-30T14:58:05","date_gmt":"2021-06-30T18:58:05","guid":{"rendered":"https:\/\/naroffeconomics.com\/?p=2035"},"modified":"2021-06-30T14:58:05","modified_gmt":"2021-06-30T18:58:05","slug":"june-private-sector-jobs-and-may-pending-home-sales","status":"publish","type":"post","link":"https:\/\/naroffeconomics.com\/?p=2035","title":{"rendered":"June Private Sector Jobs and May Pending Home Sales"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><u>KEY DATA:<\/u><\/strong> &nbsp;ADP: +692,000; Hospitality: +332,000\/ Pending Sales: +8%; Over-Year: +13.1%<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>IN A NUTSHELL:<\/u><\/strong> <strong><em>\u201cThe reopening of restaurants is driving the demand for labor and that should continue for a few more months.\u201d<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>WHAT IT MEANS:<\/u><\/strong> &nbsp;<strong><em>On Friday, we get the government\u2019s June employment report<\/em><\/strong>, so Wednesday of the same week means ADP releases its estimate of private sector payroll gains.&nbsp; <strong><em>It looks like we are in for another big increase.&nbsp; The largest gain, not surprisingly, should be in the leisure and hospitality<\/em><\/strong>, as restaurants and hotels are moving rapidly toward full service again. But that was not the only strong sector.&nbsp; <strong><em>Health care hiring soared as did construction.<\/em><\/strong>&nbsp; That was expected, though the health care rise was somewhat outsized.&nbsp; <strong><em>The job increases were also evenly split across firm size, which shows that the small business sector is coming back<\/em><\/strong> to life as well.&nbsp; Finally, <strong><em>the ADP estimate and the consensus of economists for Friday\u2019s jobs report are very much in line.<\/em><\/strong>&nbsp; Either we are all wrong, a very real possibility, or for once we all got it right. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Spring was not the greatest time for home sales as inventory restrained activity.&nbsp; That may be changing.&nbsp; The National Association of Realtors reported that pending home sales rebounded in May and every region posted a solid rise.<\/em><\/strong>&nbsp; While demand remains strong, the improvement in sales may be coming from homeowners who cannot pass up the large rise in prices.&nbsp; Inventories are beginning to increase, though they are still way too low given the level of demand. &nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KEY DATA: &nbsp;ADP: +692,000; Hospitality: +332,000\/ Pending Sales: +8%; Over-Year: +13.1% IN A NUTSHELL: \u201cThe reopening of restaurants is driving the demand for labor and that should continue for a few more months.\u201d WHAT IT MEANS: &nbsp;On Friday, we get the government\u2019s June employment report, so Wednesday of the same week means ADP releases its &hellip; <a href=\"https:\/\/naroffeconomics.com\/?p=2035\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">June Private Sector Jobs and May Pending Home Sales<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2035","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=\/wp\/v2\/posts\/2035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2035"}],"version-history":[{"count":1,"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=\/wp\/v2\/posts\/2035\/revisions"}],"predecessor-version":[{"id":2036,"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=\/wp\/v2\/posts\/2035\/revisions\/2036"}],"wp:attachment":[{"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naroffeconomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}