Why the US job market may be weaker than it looks.
Plus, Tesla posts disappointing sales numbers for the second quarter.
There's a lot of commentary that this is a response to the politics and the brand damage after Musk spent time in Washington.
But this quarter, we also saw that EV sales were falling across different brands.
And music mogul Sean Diddy Combs is found not guilty of racketeering and sex trafficking.
It's Wednesday, July 2nd.
I'm Alex Sosaleff for The Wall Street Journal.
This is the PM edition of What's News,
the top headlines and business stories that move the world today.
New data from ADP showed that American employers cut 33,000 jobs last month.
That undershot economists' expectations of job growth and was the first pullback
since March 2023.
That data comes ahead of the Labor Department's monthly jobs report out tomorrow,
a day earlier than usual because Friday is a holiday.
Economists expect that tomorrow's job numbers will show that the economy added 110,000 jobs in June.
But WSJ Economics reporter Justin Layhart reports that this job market may be weaker than it looks.
Justin,
do the ADP numbers out today change your expectations for tomorrow's Labor Department data?
There are different surveys looking at different things.
ADP is not trying to predict what the Labor Department's number is,