Employment data

The job market continued to grow last month, but wage growth slowed, ADP reported.

Small businesses with fewer than 50 employees continued to add jobs in June, albeit at a slower rate, but wage growth remained steady, payroll processor Paychex reported.

The jobs report blew past expectations, although the unemployment rate ticked up to 4%.

The jobs market showed signs of a slowdown last month as the private sector added 152,000 jobs in May, while annual pay grew 5% year over year, ADP reported.

Hourly earnings growth for employees slid to their lowest level since the middle of 2021, according to Paychex.

The pace of small-business job growth slackened in April, but hourly earnings ticked up to 3.34%, ending a nearly two-year slowdown, according to Paychex.

Annual pay increased 5.0% year over year, ADP reported.

It was the first hiring increase so far this year, according to Paychex, though it remained below pre-pandemic levels.

Private sector employers added 184,000 jobs in March as annual pay rose 5.1% year over year, payroll company ADP reported.

The unemployment rate increased two-tenths of a point to 3.9% and the BLS revised downward the job numbers for December and January, indicating some softening in the labor market.