US Job Market Shows More Signs of Slowing in ADP and Claims Data
- Weekly recurring jobless claims at highest since November 2021
- June private payrolls rose at more moderate pace in ADP report
Labor data Wednesday added further evidence that the labor market is slowing down.
US companies hired workers at a more moderate pace in June and wage growth cooled in private payrolls data from the ADP Research Institute. Recurring claims for unemployment benefits rose for a ninth straight week, the longest stretch since 2018 that indicates a growing number of people are having difficulty finding a new job.