US private payrolls unexpectedly decrease in June; layoffs remain low
ADP National Employment Report
showed on Wednesday.
Private payrolls dropped by 33,000 jobs last month after a downwardly revised 29,000 increase in May. Economists polled by Reuters had forecast private employment increasing 95,000 following a previously reported gain of 37,000 in May.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for June due to be released on Thursday by the Labor Department's Bureau of Labor Statistics. There is no correlation between the ADP and BLS employment reports.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Play War Thunder now for free
War Thunder
Play Now
Undo
The BLS' employment report is being published a day early because of the Independence Day holiday on Friday.
Job growth has ebbed as businesses grapple with trade policy uncertainty, but companies have not yet resorted to widespread layoffs, keeping the
labor market
anchored.
Live Events
A separate report from global outplacement firm Challenger, Gray & Christmas showed
job cuts
announced by U.S.-based employers dropped 49% to 47,999 in June.
Planned layoffs totaled 247,256 in the second quarter, down 50% from the January-March quarter. Hiring plans, however, dropped to 3,191 last month from 9,683 in May.
Sluggish hiring was also evident in the government's Job Openings and Labor Turnover Survey, or JOLTS report on Tuesday, which showed a 112,000 decline in hires to 5.503 million in May. The JOLTS report also showed there were 1.07 job openings for every unemployed person in May, up from 1.03 in April.
"Without a strong economic driver, hiring may remain measured through the rest of the year," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas.
Economists polled by Reuters expect the government's employment report to show private payrolls increased by 105,000 in June after rising 140,000 in May.
Overall nonfarm payrolls are estimated to have advanced by 110,000 jobs after gaining 139,000 in May. The unemployment rate is forecast climbing to 4.3% from 4.2% in May.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
29 minutes ago
- Hindustan Times
What's open and closed on Fourth of July? Costco, Walmart, Target, Trader Joe's and more
Millions of Americans are gearing up for the Fourth of July weekend. While the majority of grocery and retail stores will remain open, some locations may follow reduced operating hours. As Independence Day is a federal holiday, it is important to note that the banks, post offices, and federal offices will remain closed. Here's what's open and closed on Fourth of July Walmart's operational time on July 4 is from 6 am to 11 pm. Additionally, Food Lion, Publix, Harris Teeter, Wegmans, Harveys and Winn-Dixie will be open regular hours. Whole Foods will also be open. However, you must check local store hours before visiting. Kroger and its family of stores, including Ralphs, Smith's, King Soopers, and more, will be open regular hours. The timings for Target stores may vary (as per location). Meanwhile, Meijer will open its gates at 6 am and remain open until midnight. Stores open for restricted timings on the Fourth of July Trader Joe's: You must grab all your needy essentials by 5 pm. Aldi: The timings will vary. The store will keep its operations running based on locations. Sam's Club: It will be open from 8 am to 6 pm for Plus members, and 10 am to 6 pm for Club members. Giant Eagle pharmacies: Will be open from 9 am to 3 pm. Which grocery stores are closed on July 4? The only major chain that is fully closed on July 4 is Costco. Pharmacy hours may vary Stores under Albertsons Companies, including Safeway, Jewel-Osco, Shaw's and Vons, will be open. However, their pharmacies may be closed or have shorter hours. FAQs: 1. Is Walmart open on the Fourth of July? Yes, Walmart will be open from 6 am to 11 pm on July 4. 2. Are grocery stores like Kroger and Publix open on July 4? Yes, Kroger and Publix stores will be open regular hours. 3. Which stores have limited hours on July 4? Trader Joe's, Aldi, and Sam's Club will operate on limited schedules. 4. Is Costco open on the Fourth of July? No, Costco stores will be closed on Friday, July 4.
&w=3840&q=100)
First Post
31 minutes ago
- First Post
'Encouraging': Musk mocks Trump as approval rating falls to all-time low
As US President Donald Trump's approval rating has fallen to an all-time low, Elon Musk has called it an 'encouraging' sign. He previously threatened to launch a new political party to remove all those from office who supported the 'One Big Beautiful Bill'. read more US President Donald Trump talks to the media, next to Tesla CEO Elon Musk with his son X Æ A-12, at the White House in Washington, DC, US, March 11, 2025. (Photo: Reuters) Amid their ongoing feud, billionaire Elon Musk has welcomed the declining approval rating of US President Donald Trump. Trump's approval rating has fallen to an all-time low of 40 per cent. Musk said in a post on X that the fall was 'encouraging'. The remark comes at a time when Musk and Trump have sparred again over the 'One Big Beautiful Bill'. As Musk has continued to condemn the bill over trillions of dollars that it would add to the federal deficit, Trump has threatened to deport Musk — who emerged as his principal political partner last year until their public fallout last month. STORY CONTINUES BELOW THIS AD As his immigration policies have triggered mass protests and trade policies have slowed economic growth forecasts, Trump's approval among Americans fell to 40 per cent in June from 44 per cent in March, according to a Yahoo News/YouGov survey conducted on June 26-30. More Americans now disapprove than approve Trump's immigration agenda — his strongest area. From 44 per cent disapproval in March, Trump's disapproval rating on immigration rose to 46 per cent in April, 48 per cent in May, and 52 per cent in June — with just 44 per cent Americans approving it. While Musk has occasionally continued to praise Trump, he has completely turned against him on economy and trade. He said that all those supporting the 'One Big Beautiful Bill' 'should hang their head in shame'. He said he would launch a new political party to take on the Republicans if the bill would pass. 'If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a voice,' said Musk in a post on X. In response, Trump threatened to deport Musk and cut his government subsidies. When asked by a reported whether he would deport Musk, Trump replied, 'We'll have to take a look.' STORY CONTINUES BELOW THIS AD Trump further said, 'We might have to put Doge on Elon. You know what Doge is? The monster that might have to go back and eat Elon. Wouldn't that be terrible? He gets a lot of subsidies.'
Time of India
42 minutes ago
- Time of India
Intel CEO Lip-Bu Tan may be planning big change to company's contract manufacturing business, abandoning technology Intel has spent millions working on
Intel's new CEO, Lip-Bu Tan, is reportedly exploring a significant overhaul of the company's contract manufacturing, or "foundry," business, potentially abandoning efforts to market its 18A chipmaking technology to external customers, two sources familiar with the matter told Reuters. According to the Reuters' report, the move, a departure from former CEO Pat Gelsinger's strategy, could involve a costly write-off for the struggling U.S. chipmaker. Since taking over in March, Tan has moved swiftly to cut costs and chart a new course for Intel, which reported a $18.8 billion net loss in 2024, its first unprofitable year since 1986. May abandon external sales of 18A and its variant 18A-P According to the sources, who spoke on condition of anonymity, Tan has expressed concerns that the 18A process, a cornerstone of Gelsinger's plan, is losing appeal to new clients. Discontinuing external sales of 18A and its variant 18A-P, which cost billions to develop, could result in a write-off of hundreds of millions, if not billions, of dollars, one source said. Intel declined to comment on "hypothetical scenarios or market speculation," stating that its primary customer for 18A is Intel itself, with plans to ramp up production of its "Panther Lake" laptop chips in late 2025, which it called the most advanced processors ever designed and manufactured in the U.S. What is behind Intel's shift to 14A process by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Instead of focusing on 18A, Tan is directing resources toward Intel's next-generation 14A process, which he believes could give Intel an edge over rival TSMC, the sources said. The shift aims to attract major clients like Apple and Nvidia, who currently rely on TSMC. Tan has tasked Intel's leadership with presenting options to the board as early as this month, though a final decision on 18A may not come until a later meeting this autumn, one source added. Intel reiterated its commitment to strengthening its roadmap and rebuilding customer trust. "Lip-Bu and the executive team are committed to improving our financial position for the future," the company said in a statement. Despite the potential pivot, Intel will honor existing 18A commitments, including producing chips for Amazon and Microsoft, whose deadlines make switching to 14A impractical, the sources said. Amazon and Microsoft did not immediately respond to requests for comment. The 18A process, which includes advanced energy delivery and transistor technology, was intended to rival TSMC's capabilities. However, analysts told Reuters that 18A is comparable to TSMC's N3 process, which entered high-volume production in 2022, while TSMC's N2 technology is on track, highlighting Intel's challenges as it lags in the foundry race. Tan's broader strategy includes streamlining Intel's operations and bolstering engineering talent. Shifting focus to 14A could be one of his boldest moves yet as he seeks to restore Intel's manufacturing leadership, which has waned in the mobile computing and AI eras. Whether Intel can deliver 14A in time to secure major contracts remains uncertain, one source noted, adding that sticking with 18A remains an option.
