U.S. June ADP payrolls rise 98,000, weakest increase since March
Private employers added 98,000 jobs in June, down from 122,000 in May and below forecasts, with hiring led by education and health services ahead of the U.S. nonfarm payrolls report.
U.S. private employers added a seasonally adjusted 98,000 jobs in June, ADP said, the smallest increase since March and down from 122,000 in May. The reading missed expectations, with the older report citing a 118,000 market forecast and the newer report citing a Dow Jones consensus of 110,000. Services accounted for nearly all hiring, led by education and health services with 48,000 jobs, while annual pay growth held at 4.4% for job stayers and rose to 6.6% for job switchers. The softer reading added to signs of labor-market cooling that investors said could strengthen expectations for monetary easing and influence broader risk-asset flows.
- ADP payrolls: A private-sector U.S. employment estimate published by ADP that investors use as an early read on labor-market conditions.
- nonfarm payrolls: The monthly U.S. employment report from the Bureau of Labor Statistics that tracks jobs added across the economy excluding farm work.
- monetary easing: Central bank policy to lower borrowing costs and loosen financial conditions.