ADP reported that private-sector payrolls rose by a seasonally adjusted 98,000 in June, missing the Dow Jones estimate of 110,000 and falling short of May's 122,000 gain. The services category accounted for nearly all new positions, led by education and health services with 48,000 jobs, while natural resources and mining was the only sector to cut jobs, losing 5,000. Smaller employers with fewer than 50 workers drove hiring, adding 53,000 positions, and year-over-year pay growth held at 4.4% for job stayers and 6.6% for job changers. The report precedes the Bureau of Labor Statistics' nonfarm payrolls release, where economists expect 115,000 jobs added and an unchanged unemployment rate of 4.3%.
Automatic Data Processing IncADP's own payroll data missed expectations, indicating weaker demand for its services.
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