Breaking: ADP Employment Change misses consensus in June

In June, US private-sector hiring experienced a significant decrease, with employers trimming 33K jobs, well below the 95K that economists had anticipated, as reported by Automatic Data Processing, Inc. (ADP). This poor performance comes below the revised total of 29K for May, which was initially reported as 37K.

Nela Richardson, Chief Economist at ADP, observed, “Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month. Still, the slowdown in hiring has yet to disrupt pay growth.”