Employment in the U.S. nonfarm private business sector rose 157,000 from May to June on a seasonally adjusted basis, according to the latest ADP National Employment Report released today.
Today’s ADP National Employment Report estimates employment in the service-providing sector rose by 130,000 in June, nearly three times faster than in May. Employment in the goods-producing sector rose 27,000 in June, more than reversing the decline of 10,000 in May. Manufacturing employment rose 24,000 in June.
The growth was far stronger than expected by Keynesian economists. However, the increase is no surprise to Austrian economists, given the recent climb in money supply.
If this money supply growth continues (always an IF under the erratic monetary policy stewardship of Fed Chairman Ben Bernanke), there will be many more upside surprises, including intense price inflation.
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