ADP Employment Report

US employment in the private sector fell by 79,000 in June after a downwardly revised May, according to the ADP employment report released Wednesday. The number was way below estimations, as analysts were expecting a 40,000 decline in both private and public sector payrolls. The loss was the biggest since November 2002.

Employment in the services sector fell by 3,000, the first decline in six years. Jobs in the goods-producing sector fell by 76,000, the 19th straight decline. Factory jobs fell by 44,000 and construction jobs dropped by 34,000. Employment in financial services fell by 3,000.

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