New data reveals the US private sector lost 33,000 jobs in June

On Wednesday, ADP data showed private employers unexpectedly cut 33,000 jobs in June.

Job growth was stronger than expected in June. Payroll gains sailed past the 115,000 predicted by economists polled by financial data firm FactSet. The nation's unemployment rate fell to 4.1%, down from 4.2% in May and the lowest since February.

Payroll firm ADP found that the private sector lost 33,000 jobs in June, far below the 100,000 increase that was expected, and the first decrease since March 2023. The dip in job openings doesn't necessarily mean companies are laying off more workers; rather, they are creating fewer new positions.