ADP June payroll growth slows to 98,000, led by healthcare and education

ADP reported June private payrolls rose 98,000, below May’s 122,000 and the 110,000 forecast, with 48,000 of the gains coming from education and health services and almost all of the rest in services; leisure and hospitality added just 2,000. Wage growth stayed at 4.4% for those who stayed and 6.6% for job switchers, with hiring concentrated among small firms (under 50 employees). The reading provides a preview of the upcoming BLS nonfarm payrolls release.