Jobs report weighs on USA stocks


Hiring at private US employers slowed more than expected in June, according to a recent report, potentially raising concerns about a weakening economy.

Job creation in the private sector tailed off significantly in June in another sign that the economy is getting closer to full employment, according to a report Thursday from ADP and Moody's Analytics.

"Despite a slight moderation in the month of June, the labor market remains strong", said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

"The job market continues to power forward", Moody's Analytics chief economist Mark Zandi said in a statement.

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In June, small firms added 17,000 jobs, while mid-sized firms added 91,000 jobs and large companies added 50,000, according to the survey. "For the month of June, jobs were primarily created in the service-providing sector".

"Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000", he said.

Economists had expected an increase of about 185,000 jobs compared to the addition of 253,000 jobs originally reported for the previous month.

The data came ahead of the Bureau of Labor Statistics' nonfarm payrolls release on Friday, and amid a wide gap between both metrics.