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The number of private sector jobs in the United States has unexpectedly declined

U.S. private-sector payrolls fell last month for the first time in more than two years as economic uncertainty rattled employers. The U.S. lost a total of 33,000 jobs in June, compared with an increase of 29,000 jobs in May, according to a national jobs report released by ADP. It was the first time a decline in payrolls had been reported since March 2023. Economists surveyed by The Wall Street Journal had expected job additions to rise to 100,000 during the month. "While layoffs remain rare, hesitancy in hiring and reluctance to replace departing employees contributed to a decrease in payrolls last month," said Nela Richardson, chief economist at ADP. However, the economic slowdown has yet to affect annual pay growth, which was 4.4 percent in June, only slightly lower than May's 4.5 percent increase.