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US private sector sheds 33,000 jobs in June - ADP
(Sharecast News) - Private sector employment in the US unexpectedly fell in June, according to figures released on Wednesday by ADP. Employment declined by 33,000 from May, versus expectations for a 100,000 increase. Meanwhile, May's gain was revised to 29,000 from 37,000.
Small businesses with fewer than 50 employees shed 47,000 jobs, while medium businesses with between 50 and 499 employees shed 15,000.
Large businesses with more than 500 employees added 30,000 jobs.
The service sector lost 66,000 jobs, while the goods-producing sector saw a 32,000 gain.
The data also showed that year-over-year pay growth for job-stayers was little changed for June at 4.4% compared to 4.5% in May. Pay growth for job-changers was 6.8%, down from 7% a month earlier.
Nela Richardson, chief economist at ADP, said: "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month.
"Still, the slowdown in hiring has yet to disrupt pay growth."
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