by Michael Snyder
The Economic Collapse Blog
What in the world just happened to the job market? The unexpectedly bad numbers that have just come in have truly been a shock to many of us. Yes, we knew that conditions were getting worse during the early stages of this year. In fact, the Federal Reserve Bank of New York has publicly admitted that the labor market “deteriorated noticeably” during the first quarter of 2025. But now it is becoming clear that our economic slide is threatening to become an economic avalanche.
The U.S. economy needs to add approximately 150,000 jobs a month just to keep up with population growth. Unfortunately, the latest monthly report from ADP shows that the U.S. economy actually lost jobs last month. Private sector employment dropped by 33,000 in June, and that was the very first decline that we have witnessed since 2023…
Private sector hiring shrunk dramatically last month in a worrying sign for the the US economy.