The June jobs report revealed a decline in private sector hiring, with a loss of 33,000 jobs reported by ADP. This was unexpected as forecasts predicted growth of around 100,000 jobs. This marks the first month of job loss in the private sector since March 2023. ADP Chief Economist Nela Richardson highlighted that the reduction in jobs was influenced by employers' hesitancy to hire and reluctance to replace departing workers. Following the announcement, media anchor Maria Bartiromo quickly pivoted to discuss other topics, including defense appropriations.
The June job report revealed a decline in the private sector with a loss of 33,000 jobs, contrasting sharply with the anticipated growth of nearly 100,000 jobs.
ADP Chief Economist Nela Richardson expressed that the job losses stemmed from a hesitancy to hire and a reluctance to replace departing workers in the current economy.
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