(AURN News) — President Donald Trump continues to claim the economy is booming, but for millions of working Americans, the latest numbers tell a different story.
Private employers cut 33,000 jobs in June, according to new data from ADP. The biggest losses were in professional and business services, education and health, and financial activities.
“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, ADP’s chief economist. “Still, the slowdown in hiring has yet to disrupt pay growth.”
Small businesses bore the brunt of the slowdown. Firms with fewer than 50 employees shed a combined 47,000 jobs, with the steepest cuts coming from the smallest employers — those with fewer than 20 employees.
Meanwhile, pay is still climbing. Workers who stayed in their jobs earned 4.4 percent more than they did a year ago. Those who switched roles saw a 6.8 percent bump. But if the hiring stalls continue, that momentum may not last.
The slowdown wasn’t felt evenly. The Midwest and West both took hits, with a combined 44,000 jobs lost.
Service-sector employers — from classrooms to corner offices — cut a net 66,000 jobs, while construction and manufacturing showed modest gains.
Click play to listen to the AURN News report from Jamie Jackson:
