ADP payroll survey shows net gain of 368,000

As much as I hate to say it, this will tend to be inflationary. We are at full employment and much additional jobs creation will exacerbate an already super tight labor market. Contrary to the BS being spewed by the left, wages are increasing at a 7% pace YTD and that's plenty high.

WASHINGTON (MarketWatch) -- U.S. payroll growth probably expanded at a healthy rate in June, according to the ADP national employment index released Wednesday.

U.S. private-sector nonfarm payrolls increased by about 368,000 in June, ADP said. This is the largest monthly increase in employment since the ADP index was created five years ago. Read full survey.

"These findings indicate a strong acceleration of employment in June," said Joel Prakken, chairman of Macroeconomic Advisers, the economic forecasting firm that computes the ADP index from anonymous payroll data provided by Automatic Data Processing.