ADP's Nela Richardson breaks down June's private payrolls

• June ADP private payrolls were +98K, below the +110K estimate, showing a deceleration in job growth.
• Hiring in leisure/hospitality and education/healthcare is softer, reflecting cautious consumer demand and demographic shifts.
• Job-changing wage growth shows 'seeds of acceleration,' but overall market dynamism is not fully taking hold, leading to a stable but less robust labor market.

June ADP private payrolls came in below estimates at +98K, indicating a slowdown in job growth compared to previous months. While the numbers are 'good,' there's less broad-based acceleration, with softness in sectors like education/healthcare and a pullback in consumer-facing industries. The labor market is stable but less dynamic, and consumers feel unsettled by cumulative price increases.