ADP reported 150k job additions in June (well below the 165k expected) - the third straight monthly decline in job additions and the weakest since January...

Source: Bloomberg

Even ADP's top economist couldn't spin it...

"Job growth has been solid, but not broad-based. Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month," said Nela Richardson Chief Economist, ADP.

Once again Services dominated job additions...

Year-over-year pay gains for job-stayers were 4.9 percent in June, the slowest pace of growth since August 2021. Pay gains for job-changers also slowed, to 7.7 percent.

Source: Bloomberg

Finally, we note that ADP has under-estimated the government's official BLS payrolls print for 9 of the last 10 months...

Source: Bloomberg

...or the official data has vastly over-estimated reality?