BREAKING: Private sector job growth unexpectedly surges by 497,000 in June, ADP says
Construction workers on a job site on May 5, 2023 in Miami. A report by the Bureau of Labor Statistics showed the US economy added 253,000 jobs in April.wrangle stubborn inflation under control
, wages continued to moderate in June. Annual pay rose 6.4% last month, down from 6.6% in May, according to the report. For workers who switched jobs, wages climbed 11.2%, down almost a full percentage point from the previous month. "Consumer-facing service industries had a strong June, aligning to push job creation higher than expected," said ADP chief economist Nela Richardson. "But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge.
A"Now Hiring" sign is seen outside a job fair at a Schneider Electric manufacturing facility in Hopkins, South Carolina, on Jan. 18, 2023. The biggest losses, meanwhile, were concentrated in the manufacturing sector, which saw payrolls tumble by 42,000. The information sector also shed 30,000, while financial activities cut 16,000
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