Excerpt: “Private sector employment shed 33,000 jobs in June and annual pay was up 4.4 percent year-over-year, according to the June ADP National Employment Report® produced by ADP Research in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees. … ‘Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,’ said Dr. Nela Richardson, chief economist, ADP. ‘Still, the slowdown in hiring has yet to disrupt pay growth.’”
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