U.S. private payrolls fell for the first time in more than two years in June as economic uncertainty hampered hiring, but low layoffs continued to anchor the labor market.
Private payrolls dropped by 33,000 jobs last month, the first decline since March 2023, after a downwardly revised increase of 29,000 in May, the ADP National Employment Report showed on Wednesday.
Economists polled by Reuters had forecast the report would show private employment increasing by 95,000 following a previously reported gain of 37,000 in May.
Professional and business services, education and health services, and financial activities sectors all lost positions last month, ADP data showed. Pixel-Shot – stock.adobe.com
There were job losses in the professional and business services, education and health services, and financial activities sectors.
But the leisure and hospitality, manufacturing, and construction industries added jobs.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment