Private sector employment data for June shows a surprising loss of 33,000 jobs, coming in well below expectations set by analysts and economists, according to payroll firm ADP.
This decrease in job numbers marks a significant decline in employment opportunities within the private sector, raising concerns about the state of the economy.
The big picture: The latest figures reveal that June experienced the most job losses in the private sector, painting a worrisome picture for the job market recovery and economic stability.
- The annual pay outlook also showed negative trends, further compounding the impact of the job losses on workers and their financial well-being.
What they’re saying: “Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” said ADP chief economist Nela Richardson. “Still, the slowdown in hiring has yet to disrupt pay growth.”
