Private sector sheds 79,000 jobs in June

U.S. companies in the private sector lost 79,000 jobs in June, marking the largest decrease since November 2002, according to the monthly ADP National Employment Report. About 25,000 jobs were added in May, revised down from the 40,000 originally estimated, the report said. Financial services companies shed 3,000 jobs. Goods-producing industries, which include manufacturers and construction companies, took the hardest hit, losing 76,000 positions. Construction lost 34,000 jobs, marking the 19th consecutive monthly decline in that sector. That brings the total decline in construction jobs to 349,000 since August 2006. “This month's decrease in employment was broad-based across industrial sectors and suggests continued weakness in employment,” Joel Prakken, chairman of Macroeconomic Advisers LLC, said in a statement. Automatic Data Processing Inc. of Roseland, N.J., provides payroll and human-resources services at more than 500,000 companies. Macroeconomic Advisers in St. Louis produces the report jointly with ADP.