U.S. payrolls increased by 147,000 in June, more than expected

[mahatmakanejeeves]

44. If we're going to talk about the ADP Employment Report, we should go to their site to see how they measure things.

ADP National Employment Report: Private Sector Employment Shed 33,000 Jobs in June; Annual Pay was Up 4.4%

ROSELAND, N.J. – July 2, 2025 – Private sector employment shed 33,000 jobs in June and annual pay
was up 4.4 percent year-over-year, according to the June ADP National Employment Report® produced
by ADP Research in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). The ADP
National Employment Report is an independent measure and high-frequency view of the private-sector
labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.

The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data to
provide a representative picture of the private-sector labor market. The report details the current month’s
total private employment change, and weekly job data from the previous month. Because the underlying
ADP payroll databases are continuously updated, the report provides a high-frequency, near real-time
measure of U.S. employment. This measure reflects the number of employees on ADP client payrolls
(Payroll Employment) to provide a richer understanding of the labor market. As of January 2025, ADP’s
Pay Insights measure captures nearly 14.8 million individual pay change observations each month, up
from nearly 10 million when it launched.

“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led
to job losses last month,” said Dr. Nela Richardson, chief economist, ADP. “Still, the slowdown in hiring
has yet to disrupt pay growth.”

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