Excerpt from:

ADP: Employers Added 692,000 Jobs in June

By Tim Smart | June 30, 2021

The ADP report is the first of three this week that will gauge the health of the nation's labor market and whether jobs are being recovered from the carnage inflicted by the coronavirus pandemic. Thursday will bring a reading on the weekly new claims for unemployment insurance while Friday brings another monthly jobs report from the Labor Department.

“In addition, we have a two-year drop in American life expectancy, 1 million excess deaths, and 3.5 million long-haul COVID disabled," says David Kotok, chairman and chief investment officer at Cumberland Advisors. "Is it any wonder why labor costs are rising and there are not enough people to fill the job openings."

"We expect continued growth in labor force income," Kotok adds. "That income will become spending. The country is short 10 million people of working age and inclination. Unless politicians who made policy over the last few years alter their views (not likely), tight labor markets and rising labor costs are destined to continue."

Read the full article here:

https://www.usnews.com/news/economy/articles/2021-06-30/adp-employers-added-692-000-jobs-in-june

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