U.S. Firms Cut Jobs for First Time in Two Years, ADP Report Shows
The ADP data undershot consensus expectations for job growth of 100,0000 positions in June, according to economists polled by The Wall Street Journal.
It was the first pullback since March 2023.
There were notable job losses in professional and business services, and education and health services, but gains in leisure and hospitality, and in manufacturing.
"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," said Nela Richardson, chief economist at ADP.
Figures for May were revised down, to an increase of 29,000 positions, from an earlier 37,000.
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