U.S. Private Sector Unexpectedly Shrinks by 33,000 Jobs in June

Payroll-processing firm ADP reports that private employers cut 33,000 positions in June—the first decline since March 2023—far missing economists’ forecasts for a 95,000-job gain. The bulk of losses hit service-sector roles: professional and business services shed 56,000 jobs, health and education lost 52,000, and financial activities fell by 14,000. Offsetting some of that, goods-producing industries (manufacturing, mining, construction) added 32,000 roles. Despite the downturn, annual pay growth held steady at 4.4% for job stayers and 6.8% for changers, underscoring persistent wage momentum amid cooling hiring.