- ADP’s June jobs report shocked economists on Wednesday with its dismal numbers. Some economists say the data may very well diverge from the official numbers set to be published Thursday, but the report signals a private-sector slowdown nonetheless, in line with a cooling in hiring seen recently. An official contraction could cause the Fed to step in sooner rather than later with rate cuts—something President Donald Trump has wanted since he took the White House.
Private-sector hiring contracted in June, ADP said, completely missing economists’ forecasts ahead of Thursday’s official jobs report.
