U.S. Companies Hired Fewer Workers in June 2026, but Pay Keeps Rising

A July 1 report from ADP found private companies added just 98,000 jobs in June 2026, fewer than earlier this year. Pay kept growing at 4.4% annually — faster than the Federal Reserve wants, given its 2% inflation goal. The Fed has been deliberately cooling the economy. Whether this slowdown stays gradual or turns sharper is not yet clear.