Shock job report shows worst employment decline in years sending markets into the negative
Private payrolls shed 33,000 jobs in June when analysts had conversely expected them to add 100,000, according to the latest ADP figures.
The worrying data suggests the US economy could be a lot less resilient than investors have been hoping.
The S&P 500 and Nasdaq indexes turned negative in pre-market trading following the release of the report on Wednesday morning.
'Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,' Nela Richardson, ADP's chief economist said in a statement.
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