The US labor market just came in softer than expected. Again.
ADP’s weekly employment pulse showed private-sector payrolls grew by just 15,000 jobs for the week ending July 4, 2026, missing the consensus forecast of 16,500.
The cooling trend has receipts
The four-week moving average for weekly job additions sits right at 16,500. ADP’s monthly report for June, released on July 1, showed 98,000 jobs added to private payrolls. That was down from 122,000 in May and well below the roughly 113,000 that economists had penciled in.
Look at where June’s gains actually came from. Trade, transportation, and utilities added 15,000 positions. Financial activities contributed another 14,000.
