Be very skeptical of ADP report showing economy lost jobs for the first time in years

Did the U.S. economy really lose jobs in June for the first time since the pandemic? Payroll king ADP says yes, but investors ought to treat the report with a heavy dose of skepticism.

ADP on Wednesday said the private sector eliminated 33,000 jobs last month, ostensibly due to uncertainty caused by U.S. trade wars. The decline in employment was the first ADP has measured since March 2023.