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Service Sector Leads Unexpected 33,000 Job Loss in US Private Payrolls

US private-sector employment unexpectedly declined by 33,000 jobs in June, marking the first decrease in over two years according to ADP data.

The drop was driven by service sector losses of 66,000 jobs, particularly in professional services, healthcare, and education.

While manufacturing and construction added jobs, small and medium businesses reduced their workforce. Companies are becoming more cautious about hiring due to trade policy concerns and are working to align staffing with slower economic activity.

Original Source: Bloomberg

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