Core Insights - In June, U.S. private sector employment decreased by 33,000 jobs, significantly below the market expectation of a 95,000 job increase, marking the largest decline since March 2023 [1] - Despite the reduction in hiring, wage growth remains stable across various sectors, indicating that the labor market is still resilient [2][3] Employment Situation - The trade/transport/utilities sector added 14,000 jobs, construction added 9,000 jobs, while professional/business services lost 56,000 jobs, manufacturing gained 15,000 jobs, and financial services decreased by 14,000 jobs [1] - The overall wage growth for retained employees remained unchanged at 4.4%, while wage growth for job switchers slightly decreased from 7.0% to 6.8% [2] Economic Implications - The weak ADP employment data may heighten concerns about economic momentum and could lead the Federal Reserve to consider a more accommodative monetary policy stance [2] - The performance of the labor market is crucial for assessing economic health, especially in the context of easing inflation pressures [3] - Market expectations are leaning towards a 50 basis point rate cut by the end of the year, influenced by the recent dovish signals from Federal Reserve Chairman Jerome Powell [2][3]
美国6月 ADP 数据远低于预期 薪资增速稳定但就业市场现隐忧
Xin Hua Cai Jing·2025-07-02 13:41