Private sector jobs lost in June according to ADP

I wasn't planning on writing this week but felt the need right now after seeing the ADP private sector jobs report. They said 33k jobs were shed in June, well worse than the estimate of an increase of 98k and follows a job gain of just 29k in May (revised down from the initial 37k print).

Again it was small business that drove the firing's with companies sized between 1-19 employees laying off a net 29k and those between 20 and 29 people shedding 18k. It spread though to medium sized businesses as those with 250-499 employees lost 27k of them while those between 50 and 249 added just 12k. Large businesses added 30k.

Industry wise, jobs were lost in the usually consistent job gainer of education/health services while those in professional/business services lost 56k and financial services cut 14k jobs. Job gains were driven by leisure/hospitality, trade/transportation/utilities, information and other.

Wage gains though remain pretty good with 'job stayer' pay rising by 4.4% y/o/y and 'job changers' seeing wage growth of 6.8% y/o/y.