Employment at American companies declined in June for the first time in over two years, highlighting a contraction in service sector payrolls that could fuel concerns about a deeper labor market slowdown. Private-sector payrolls dropped by 33,000 last month following a downwardly revised increase of 29,000 in May, according to ADP Research data published Wednesday.
This outcome surprised analysts, as none of the economists surveyed by Bloomberg had predicted a decline. The concerning figures follow closely on the heels of official Trump administration data released the previous day, which revealed an unexpected rise in job openings during May while layoffs decreased. That report had surpassed all expectations among economists participating in the Bloomberg survey.
— news from Bloomberg.com