US ADP Employment Change (Jun) 98K vs Exp. 110K (Prev. 122K, Low. 78K, High. 134K)

Median change in annual pay Y/Y

• Job stayers: 4.4% (prev. 4.4%)
• Job changers: 6.6% (prev. 6.5%)

Commentary

• "The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation."