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Private-sector payrolls posted a surprise decline in June.Key Takeaways
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The ADP private-sector payroll report showed that employment levels fell by 33,000 in June.
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Economists were expecting solid employment gains in the report.
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The news comes ahead of tomorrow’s U.S. jobs report, which is expected to show employers add jobs in June.
Private employers posted a surprising decline in June payrolls, coming ahead of tomorrow’s closely-watched U.S. employment report.
The monthly report from payroll provider ADP showed private-sector employment declined by 33,000 in June. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expected payrolls to increase by 100,000 jobs, after private employers added 29,000 in May.
The data showed declining employment in the financial, professional services, education and healthcare sectors. Manufacturing, leisure and hospitality businesses added employees. It also showed that wages increased by 4.4% year-over-year, a slight decline from May’s pay increases.
“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” said Dr. Nela Richardson, ADP's chief economist. “Still, the slowdown in hiring has yet to disrupt pay growth.”
The private-sector data stands in contrast to yesterday’s release of May job openings, which surprised economists by increasing to 7.8 million. It also comes ahead of tomorrow’s release of monthly U.S. employment numbers, which are expected to show the economy added 110,000 jobs in June, which would be below May levels.
“The ADP report increased the odds of a downside surprise in Thursday’s nonfarm payroll release,” said Jeffrey Roach, chief economist for LPL Financial.
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