Retail giant slashes 15k jobs while US private payrolls add just 98k in June far below forecasts.

Private payrolls grew by only 98k jobs in June according to ADP report.

Economists had expected closer to 118k jobs.

One retail giant cuts 15k staff to protect margins amid sluggish hiring.

Planned layoffs dropped but overall job market stays weak.

Unemployment rate holds steady at 4.3 percent for now.

Job market is cooling faster than headlines admit so companies cut deep to save every dollar.

Retail and others trimming fat hard because consumers feel the squeeze and spend less.

This thin labor picture will make Fed watch very nervous and could push more rate moves or stimulus talk soon.