US private sector sheds 33,000 jobs in June

Automatic Data Processing (ADP) reported today, July 2, a surprise drop in US private hiring in June, fueling labor market concerns.

Private-sector jobs fell by 33,000 last month, marking the first decline since March 2023 and surprising economists who expected a 100,000-job gain.

ADP also revised May’s numbers down to a 29,000-job increase from the previously reported 37,000.

Chief Economist Nela Richardson said that while layoffs remain low, hesitation to hire led to job losses last month.

The data comes ahead of Friday’s nonfarm payrolls report, which is expected to show a 110,000-job gain in June and an uptick in unemployment to 4.3%.