ADP is a payroll service provider and they routinely survey small to mid sized employers to get an idea of the job market.

Today, they released their latest survey showing an increase of 150,000 jobs in June in the private sector. This does not include any job increases in government. This was much higher than expected.
While large employers are continuing layoffs and reductions so far, the rest of the market has absorbed those workers and more.

Tomorrow we see the goverment’s unemployment numbers and the expectation is around 125,000 new jobs in June. In light of the ADP data, that may be a little short.

From an investor standpoint this is good. Consumer confidence drives much of the economy and it is slipping. The jobs data means that slippage won’t accelerate in the near term. It also means rents will continue their steady growth trend for the foreseeable future.