Did the U.S. economy really lose jobs in June for the first time since the pandemic? Payroll king ADP says yes, but investors ought to take its report with a very large grain of salt.

Private sector jobs fell by 33,000 in June, the first decline since March 2023. Yahoo Finance Senior Reporters Brooke DiPalma and Jennifer Schonberger join Morning Brief to explain what the ADP report signals ahead of Thursday's key BLS jobs report.

The figure reported on Wednesday is well below economists’ estimates of an increase of 95,000 jobs and also down from the prior month’s revised reading of 29,000 jobs.