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Economy — Business

What Does The Latest ADP Jobs Report Say About The US Economy

Most new jobs came from the services sector, while natural resources and mining was the only industry to record job losses.

,   and  TIPP Staff
2 min read
Photo by Alex Kotliarskyi / Unsplash

Private employers added 98,000 jobs in June, falling short of market expectations and signaling a slowdown in hiring, according to payroll processor ADP. The figure was lower than May's revised total of 122,000 jobs and below economists' forecast of 110,000.

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The report said the education and health services sector led hiring with 48,000 new positions, accounting for nearly half of the month's job gains. Most new jobs came from the services sector, while natural resources and mining was the only industry to record job losses.

ADP Chief Economist Nela Richardson said the hiring trend reflects both labor supply constraints and weaker demand, resulting in slower overall job creation.

According to the report, annual wage growth remained at 4.4% for employees who stayed in their jobs and rose to 6.6% for those who switched employers. Small businesses generated the strongest employment gains ahead of the U.S. government's closely watched nonfarm payrolls report due Thursday.

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tippinsightsTIPP Staff

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