US: ADP employment report disappoints in June

In June, the ADP employment report showed a decline in US private employment by 473 000, significantly higher than the expected -394 000. Looking at the details, 250 000 jobs were lost in the goods-producing sector, of which 146 000 in manufac-turing. In service providing, employment fell by 223 000. In construction, employment dropped by 97 000, the twenty-ninth consecutive decline and in the financial sector, employment declined by 29 000, the nineteenth consecutive monthly decline. The