Private employers added just 98,000 jobs in June, according to the ADP National Employment Report released Wednesday, missing the Dow Jones consensus of 110,000 and down sharply from May’s unrevised 122,000. The miss lands one day ahead of the Bureau of Labor Statistics’ more closely watched nonfarm payrolls count for June, due Thursday.

The headline number undersells the composition problem

Nearly all of June’s job growth came from services, and within services, one sector did the heavy lifting: education and health services alone accounted for 48,000 of the 98,000 total, roughly half. Trade, transportation and utilities added 15,000, financial activities 14,000, and other services 8,000. Goods-producing industries barely registered — manufacturing added 5,000, construction just 2,000 — while natural resources and mining was the only sector to shed jobs, down 5,000. Leisure and hospitality, often read as a proxy for consumer demand, added only 2,000 positions.