ADP says private sector shed 33,000 jobs in June

What they're saying: "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said.

• Richardson said it was the first time the company has seen a net decline in jobs among private employers since it relaunched the ADP report in 2023.

By the numbers: ADP said that the May private sector job gains were revised down to 29,000, slightly lower than the 37,000 initially reported.

• Job losses were most pronounced in the services sector, including among professional and business companies, as well as education and health care.
• Leisure and hospitality, and manufacturing added workers.

Yes, but: ADP tracks the millions of employees employed by private firms that use its payroll processing system, though it is not meant to be a predictor of what the official government jobs report — out Thursday — will show.

• Still, both reports suggest the labor market is steadily cooling, with huge blind spots about how Trump's trade war is weighing on the overall economy.