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Yahoo
03-07-2025
- Business
- Yahoo
Private-sector payrolls lose 33,000 jobs, surprising analysts
Private-sector employers cut 33,000 jobs in June, the first monthly decline in more than two years, according to the ADP National Employment Report released Wednesday. The latest report comes as a surprise to economists who had anticipated a gain of about 100,000 jobs last month. Service-providing industries led the losses with a net decline of 66,000 jobs in June, including a loss of 56,000 professional and business services jobs and 52,000 in the education and health services industries. Companies in the service industries, meanwhile, saw gains of 32,000 jobs in leisure and hospitality and of 14,000 added in trade, transportation and utilities. Goods-producing firms, meanwhile, saw a net gain of 32,000 jobs, including in natural resources and mining, construction and manufacturing. Broken down by region, the South saw 13,000 jobs added, while the Midwest lost 24,000 jobs, the West lost 20,000 jobs, and the Northeast lost 3,000 jobs. Small establishments — with fewer than 50 employees — lost 47,000 jobs. Meanwhile, large establishments — with 500 or more employees — saw gains of 30,000 jobs. Medium-size establishments were split: Businesses with 50 to 249 employees gained 12,000 jobs last month, while businesses with 250 to 499 employees lost 27,000 positions. The latest ADP report shows annual pay up 4.4 percent year over year in June for people who stayed in their jobs — little changed from the 4.5 percent in May. For those who switched jobs, however, annual pay in June increased 6.8 percent year over year, a slight drop from the 7 percent in May. 'Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,' ADP chief economist Nela Richardson said in a statement. 'Still, the slowdown in hiring has yet to disrupt pay growth.' The latest report also revised downward the total number of jobs added in May from 37,000 to 29,000. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-07-2025
- Business
- Yahoo
More Trump voters say he is more responsible than Biden for economy: Survey
Voters who supported President Trump in the 2024 presidential election are more likely to hold him accountable for the current state of the economy than the previous administration, according to a new survey. The latest poll from the Wall Street Journal/YouGov, shows 46 percent of Trump voters crediting the current president with the state of the economy, while 34 percent placed responsibility on former President Biden. Another 13 percent say they're not sure, and 8 percent did not pick a side. Meanwhile, 75 percent of former Vice President Harris's 2024 supporters say Trump is responsible for the current economy and 14 percent say Biden is responsible. Just 6 percent are not sure, and another 6 percent say neither are accountable, according to the survey. Overall, 55 percent of Americans give Trump credit, while 23 percent give Biden credit, the results show. The poll comes as the economy has seen a strong uptick in the financial markets, even as businesses face lingering uncertainty over the fate of Trump's tariffs. At the same time, private-sector employment saw the first monthly decline in more than two years in June, according to an ADP National Employment Report released Wednesday. In an earlier survey from The Economist/YouGov, conducted in early May, Trump voters were more likely to credit Biden with the economy — 55 percent — than they were to credit the president — at 32 percent. Harris voters, meanwhile, were even more likely to say Trump was responsible for the state of the economy than they are now — at 81 percent — compared to the 9 percent who said at the time that the former president was responsible. Overall, slightly fewer Americans — at 51 percent — held Trump responsible for the economy, while 28 percent said Biden was responsible in the previous poll. The May poll came a month after Trump announced sweeping tariffs that sent the stock market tumbling. In a post on Truth Social in late April, Trump wrote, 'This is Biden's stock market, not Trump's.' Survey respondents were asked in both polls whether they agree with that statement — but were not told that Trump said it. In the previous poll, 41 percent of Trump voters said they agreed with the statement, while 36 percent disagreed. In the latest survey, as the stock market hits record highs, 46 percent of the president's supporters say they disagree with the statement and 29 percent said the opposite. Another 26 percent are not sure. The Wall Street Journal/YouGov survey was conducted on June 17-20 and included 1,034 U.S. adults. It has a margin of error of 4.2 percentage points. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
03-07-2025
- Business
- The Hill
More Trump voters say he is more responsible than Biden for economy: Survey
Voters who supported President Trump in the 2024 presidential election are more likely to hold him accountable for the current state of the economy than the previous administration, according to a new survey. The latest poll from the Wall Street Journal/YouGov, shows 46 percent of Trump voters crediting the current president with the state of the economy, while 34 percent placed responsibility on former President Biden. Another 13 percent say they're not sure, and 8 percent did not pick a side. Meanwhile, 75 percent of former Vice President Harris's 2024 supporters say Trump is responsible for the current economy and 14 percent say Biden is responsible. Just 6 percent are not sure, and another 6 percent say neither are accountable, according to the survey. Overall, 55 percent of Americans give Trump credit, while 23 percent give Biden credit, the results show. The poll comes as the economy has seen a strong uptick in the financial markets, even as businesses face lingering uncertainty over the fate of Trump's tariffs. At the same time, private-sector employment saw the first monthly decline in more than two years in June, according to an ADP National Employment Report released Wednesday. In an earlier survey from The Economist/YouGov, conducted in early May, Trump voters were more likely to credit Biden with the economy — 55 percent — than they were to credit the president — at 32 percent. Harris voters, meanwhile, were even more likely to say Trump was responsible for the state of the economy than they are now — at 81 percent — compared to the 9 percent who said at the time that the former president was responsible. Overall, slightly fewer Americans — at 51 percent — held Trump responsible for the economy, while 28 percent said Biden was responsible in the previous poll. The May poll came a month after Trump announced sweeping tariffs that sent the stock market tumbling. In a post on Truth Social in late April, Trump wrote, 'This is Biden's stock market, not Trump's.' Survey respondents were asked in both polls whether they agree with that statement — but were not told that Trump said it. In the previous poll, 41 percent of Trump voters said they agreed with the statement, while 36 percent disagreed. In the latest survey, as the stock market hits record highs, 46 percent of the president's supporters say they disagree with the statement and 29 percent said the opposite. Another 26 percent are not sure. The Wall Street Journal/YouGov survey was conducted on June 17-20 and included 1,034 U.S. adults. It has a margin of error of 4.2 percentage points.
Yahoo
03-07-2025
- Business
- Yahoo
Instant view: US job growth beats expectations in June
NEW YORK (Reuters) -U.S. job growth in June rose above expectations, while the unemployment rate fell, suggesting the labor market is stable. Nonfarm payrolls increased by 147,000 jobs in June, after rising 144,000 in May, the Labor Department showed on Thursday. Economists polled by Reuters had forecast 110,000 jobs added last month. The unemployment rate fell to 4.1% in June from 4.2% in the previous month. On Wednesday, the ADP National Employment Report showed private payrolls unexpectedly fell in June, the first drop in more than two years. MARKET REACTION STOCKS: S&P E-minis gained and were up 0.18% BONDS: The yield on benchmark U.S. 10-year notesrose 6.7 basis points at 4.359% and the two-year note yield climbed 12 basis points to 3.902% FOREX: The dollar advanced against major currency pairs COMMENTS: PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK: 'Unemployment ticking down is also a surprise. The good news here is that hourly wages certainly are not getting out of hand. They're subdued at 0.2% and cooler than expected on a yearly basis.' 'The same participation rate is down, but I wouldn't put too much into reading too much into that.' 'The report just shows that the labor market is still producing jobs notwithstanding the tariff uncertainties.' 'Apparently, the government has called back some of those laid off employees. Without government jobs, payrolls would have been anemic.' 'That takes us back to a September rate cut. On the other hand, if inflation should pop up from the tariffs, then they would probably go even out further and wait for December. But things but things staying the way they are now, I think we'll get a rate cut in September. But I certainly rule out July.' BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN: "It's nice to go into a holiday with a beat on the headline payroll number and wage gains positive, but moderate. The large increase in the number of discouraged workers is disappointing. This is after a sharp increase in job openings, so there's a disconnect between employers and potential employees that needs to be resolved. Those who have been without work the longest are also those having the hardest time finding work. With the diffusion index below 50, job gains are unfortunately narrowing." DAVID LAUT, CHIEF INVESTMENT OFFICER, ABOUND FINANCIAL, GRANITE BAY, CALIFORNIA: "Thursday's jobs report was stronger than expected, which shows that the resiliency we have been seeing in the economy over the past several months is still intact. We still expect the Federal Reserve to continue its wait and see approach on interest rates, pushing any potential rate cuts into the fourth quarter of this year." (Compiled by the Global Finance & Markets Breaking News team) Sign in to access your portfolio
Yahoo
03-07-2025
- Business
- Yahoo
Instant view: US job growth beats expectations in June
NEW YORK (Reuters) -U.S. job growth in June rose above expectations, while the unemployment rate fell, suggesting the labor market is stable. Nonfarm payrolls increased by 147,000 jobs in June, after rising 144,000 in May, the Labor Department showed on Thursday. Economists polled by Reuters had forecast 110,000 jobs added last month. The unemployment rate fell to 4.1% in June from 4.2% in the previous month. On Wednesday, the ADP National Employment Report showed private payrolls unexpectedly fell in June, the first drop in more than two years. MARKET REACTION STOCKS: S&P E-minis gained and were up 0.18% BONDS: The yield on benchmark U.S. 10-year notesrose 6.7 basis points at 4.359% and the two-year note yield climbed 12 basis points to 3.902% FOREX: The dollar advanced against major currency pairs COMMENTS: PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK: 'Unemployment ticking down is also a surprise. The good news here is that hourly wages certainly are not getting out of hand. They're subdued at 0.2% and cooler than expected on a yearly basis.' 'The same participation rate is down, but I wouldn't put too much into reading too much into that.' 'The report just shows that the labor market is still producing jobs notwithstanding the tariff uncertainties.' 'Apparently, the government has called back some of those laid off employees. Without government jobs, payrolls would have been anemic.' 'That takes us back to a September rate cut. On the other hand, if inflation should pop up from the tariffs, then they would probably go even out further and wait for December. But things but things staying the way they are now, I think we'll get a rate cut in September. But I certainly rule out July.' BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN: "It's nice to go into a holiday with a beat on the headline payroll number and wage gains positive, but moderate. The large increase in the number of discouraged workers is disappointing. This is after a sharp increase in job openings, so there's a disconnect between employers and potential employees that needs to be resolved. Those who have been without work the longest are also those having the hardest time finding work. With the diffusion index below 50, job gains are unfortunately narrowing." DAVID LAUT, CHIEF INVESTMENT OFFICER, ABOUND FINANCIAL, GRANITE BAY, CALIFORNIA: "Thursday's jobs report was stronger than expected, which shows that the resiliency we have been seeing in the economy over the past several months is still intact. We still expect the Federal Reserve to continue its wait and see approach on interest rates, pushing any potential rate cuts into the fourth quarter of this year." (Compiled by the Global Finance & Markets Breaking News team) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
