0901 ET - Does a surprising drop in employment, as measured by private-sector HR firm ADP, portend an ugly June jobs report from the Labor Department on Thursday? "Maybe" is about all economists can say. Carl Weinberg of High Frequency Economics acknowledges that "the optics of a decline is startling." On the other hand, he notes, a lukewarm ADP number in May preceded a perfectly solid figure from the Labor Department that beat Wall Street expectations later the same week. "This may be the tip of an iceberg, but it also could be a false start," Weinberg writes. (matt.grossman@wsj.com, @mattgrossman)

(END) Dow Jones Newswires

July 02, 2025 09:01 ET (13:01 GMT)

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