US ADP private employment grew 150k in June, below expectation of 158k. By sector, goods-producing jobs rose 14k while service-providing jobs rose 136k. By establishment size, small companies added 5k jobs, medium companies added 88k, large companies added 58k. Year-over-year pay gains for job-stayers were at 4.9%, slowest since August 2021. Job-changers annual pay growth also slowed to 7.7%.
“Job growth has been solid, but not broad-based,” said Nela Richardson, chief economist, ADP. “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”
