Companies in the private sector lost 33,000 jobs in June, payroll processing firm ADP said Wednesday.
The figure is well below economists’ estimates of a gain of 95,000 jobs and down from the prior month’s revised reading of 29,000.
“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” said Nela Richardson, ADP’s chief economist. “Still, the slowdown in hiring has yet to disrupt pay growth.”
PRIVATE SECTOR ADDED JUST 37,000 JOBS IN MAY, LOWEST IN OVER 2 YEARS, ADP SAYS
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