The US labor market is cooling off, and the latest payroll data just made that harder to ignore. ADP’s National Employment Report showed private-sector employers added 98,000 jobs in June, a meaningful step down from the 122,000 added in May and well below the consensus forecast of 110,000 to 120,000.
Where the jobs are, and where they aren’t
The June report, produced by ADP Research in collaboration with the Stanford Digital Economy Lab, draws on anonymized payroll data from over 26 million US workers.
Education and health services carried most of the load, adding 48,000 jobs on their own. That’s nearly half the total. Financial activities contributed another 14,000 positions.
On the other end of the spectrum, leisure and hospitality continued its prolonged slump. The sector has now posted weak hiring for six consecutive months.
