The US private sector lost only about 33,000 jobs in June, according to figures released just moments ago by ADP, after adding about 37,000 jobs in May’s revised reading, which was revised downward to 29,000 jobs, compared to expectations of 100,000 jobs. Private sector payrolls fell for the first time since March 2023, while wages rose by 4.4%.
In detail, the manufacturing sector added about 15,000 jobs, while the construction sector added about 9,000 jobs. The services sector lost 66,000 jobs, led by the professional services sector with 56,000 jobs, and the education and health services sector with 52,000 jobs.