At a glance
ADP reported private payroll growth of just 98,000 in June, falling short of expectations and signaling potential weakness in the labor market heading into July.
ADP's employment report showed private payroll growth of just 98,000 in June, falling well short of the 155,000 expected. The weakness suggests the job market is cooling faster than anticipated, with hiring losing momentum heading into summer.
This number matters because ADP data is one of the first signals economists get about monthly employment trends. A miss this large points to real softening in demand for workers, not just a statistical hiccup. Combined with other recent labor data, it's painting a picture of an economy that's slowing down faster than the Federal Reserve or most employers expected.
Citation trail
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