Hiring by U.S. companies slowed more than expected in June, pointing to a labor market that is continuing to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. Companies added 150,000 jobs last month, missing the 160,000 gain that economists surveyed by Refinitiv predicted and down from the revised 157,000 figure in May. At the same time, the report showed that wage growth — a key driver of inflation — dropped slightly to 4.
Job growth was almost entirely concentrated in the services sector, with goods producers contributing just 14,000 jobs to the total. Hospitality and leisure accounted for the bulk of the gains, adding 63,000 new jobs. Job growth beyond that sector was mostly anemic. The construction industry added 27,000 workers in June, followed by professional and business services with a gain of 25,000. THE NUMBER OF HIGH-PAYING JOBS IS DWINDLING There were also sectors that saw notable declines last month.
The data precedes the release of the more closely watched June jobs report from the Labor Department on Friday morning, which is expected to show that employers hired 190,000 workers, following a gain of 272,000 in May. The unemployment rate is expected to hold steady at 4%. ADP numbers can differ drastically from the official government count and have historically been an unreliable indicator of what is to come.
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