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June’s ADP employment report was a remarkable miss.
Analysts expected the private sector to add 100,000 positions. In reality, private payrolls lost 33,000.
It’s the first negative print since March 2023, although the figure has declined every month since March 2025.
Stocks initially opened lower Wednesday but rebounded later on President Trump’s announcement that the US had penned a trade agreement with Vietnam, fueling optimism that other deals will be struck before the July 9 deadline.
Odds of a 25bps interest rate cut later this month increased to 23.8%, up from…
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