U.S. Economic News
July 1, 2020
U.S. Economic Indicators
The ADP Employment Report shows that private-sector employment increased by 2,369,000 jobs in June, below the consensus estimate of 3.5 million. The services sector gained 1,912,000 jobs, while the goods-producing sector gained 457,000 jobs. ADP Report
Construction spending decreased 2.1% in May to an annualized rate of $1.36 trillion. Private construction fell 3.3% and public construction rose 1.2%. Census Bureau Report
The ISM Manufacturing Index rose 9.5 points to 52.6 in June, indicating the sector is in expansion again. The Employment Index rose 10 points to 42.1, while the New Orders Index rose 24.6 points to 56.4. ISM Report
U.S. News
The Washington Post reports that employers are increasingly turning to pay cuts as a means to mitigate job losses during the current crisis, resulting in reduced pay for over 4 million private sector workers while over 6 million workers have been forced to work part-time. More recently, pay cuts have grown increasingly common among higher-paid workers, signaling that the depth of the recession is impacting even the most-typically insulated from financial strain. WaPo