U.S. Private-Sector Hiring Cooled to 98,000 Jobs in June 2026 While Pay Growth Held at 4.4%

ADP's July 1 report showed private-sector payrolls rose just 98,000 in June 2026, down from steadier growth earlier in the year, while annual pay held at 4.4% — above the Fed's comfort zone for 2% inflation convergence. Fewer hires, sticky wages: the slowdown the Fed has engineered, though an orderly cool-down or a sharper downshift remains uncertain pending corroborating data.