Latest news with #privatepayrolls
Daily Mail
02-07-2025
- Business
- Daily Mail
Job report shows worst decline in years
Private sector hiring shrunk dramatically last month in a worrying sign for the the US economy. Private payrolls shed 33,000 jobs in June, but analysts had expected them to add 100,000, the latest ADP figures revealed. The worrying data - the first decrease since 2023 - 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. It comes after a recent stable jobs report and better-than-expected inflation figures sent encouraging signs that the US economy was bearing up amid President Trump's whipsawing tariff policies. The government's major nonfarm payrolls report for June will be published on Thursday. Economists have predicted a 110,000 increase in jobs for June and a slight ticking up of unemployment from 4.2 percent to 4.3 percent. Fed chair Jerome Powell has advocated a wait-and-see approach , concerned that the full effect of Trump's economic policies have yet to be felt by the wider economy. Companies have looked to tighten their payrolls in the face of high tariff bills and economic uncertainty caused by chaotic policy. It comes after the economy contracted in the first quarter of the year and economists are increasingly concerned about the risk of a recession. Microsoft announced on Wednesday that it would be slashing 9,000 jobs - around 4 percent of its global workforce. 'We continue to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace,' Microsoft said in a statement. The news comes days after Amazon's CEO announced brutal workforce cuts as continues to implement AI in its operations. Amazon boss Andy Jassy said he plans to reduce the company's corporate workforce over the next few years as the tech will make certain roles redundant. Jassy told employees in a note seen by the Wall Street Journal that AI was a once-in-a-lifetime technological advancement and it has already transformed how Amazon operates.
Reuters
02-07-2025
- Business
- Reuters
US private payrolls unexpectedly decrease in June; layoffs remain low
WASHINGTON, July 2 (Reuters) - U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the 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. 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. 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.
Zawya
02-07-2025
- Business
- Zawya
US private payrolls unexpectedly decrease in June; layoffs remain low
U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the 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. 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. 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. (Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
Yahoo
02-07-2025
- Business
- Yahoo
US private payrolls unexpectedly decrease in June; layoffs remain low
WASHINGTON (Reuters) -U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially thought, the 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. 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. 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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Globe and Mail
04-06-2025
- Business
- Globe and Mail
U.S. private payrolls growth comes in far below expectations in May
U.S. private payrolls increased far less than expected in May, the ADP National Employment Report showed on Wednesday. Private payrolls increased by only 37,000 jobs last month after a downwardly revised 60,000 rise in April. Economists polled by Reuters had forecast private employment increasing 110,000 following a previously reported gain of 62,000 in April. U.S. job openings rebound in April, but layoffs rise Trump says he will double tariffs on steel and aluminum imports to 50% The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for May due to be released on Friday by the U.S. Labour Department's Bureau of Labor Statistics. There is no correlation between the ADP and BLS employment reports. The labour market continues to ease amid economic uncertainty from tariffs. Government data on Tuesday showed there were 1.03 job openings for every unemployed person in April, little changed from March. Private payrolls likely increased by 120,000 jobs in May after advancing 167,000 in April, a Reuters survey showed. Overall non-farm payrolls are estimated to have increased by 130,000 jobs after rising 177,000 in April. The unemployment rate is forecast to be unchanged at 4.2 per cent.
