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- U.S. private employers add 330,000 jobs in July - ADP
U.S. private employers add 330,000 jobs in July - ADP
The
employment report prepared by Automatic Data Processing Inc. (ADP) and Moody's
Analytics showed on Wednesday the U.S. private employers added only 330,000
jobs in July. This marked the smallest advance in private-sector employment
since February.
Economists
had expected an increase of 695,000.
The June
number saw a downward revision to 680,000 from the originally reported 692,000.
“The
labor market recovery continues to exhibit uneven progress, but progress
nonetheless. July payroll data reports a marked slowdown from the second
quarter pace in jobs growth,” noted Nela Richardson, chief economist, ADP. “For
the fifth straight month the leisure and hospitality sector is the fastest
growing industry, though gains have softened. The slowdown in the recovery has
also impacted companies of all sizes. Bottlenecks in hiring continue to hold
back stronger gains, particularly in light of new COVID-19 concerns tied to
viral variants. These barriers should ebb in coming months, with stronger
monthly gains ahead as a result."
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