Private-Sector Hiring Slowed to 98,000 Jobs in June 2026; Pay Growth Held at 4.4%

ADP's July 1 report showed private employers added just 98,000 jobs in June 2026, down from steadier gains earlier this year. Annual pay growth held at 4.4% — above what the Fed considers compatible with its 2% inflation target. Fewer hires, sticky wages: the slowdown the Fed engineered, though whether it stays orderly or worsens remains uncertain pending further data.