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The US ADP employment report for the month of July indicated that private jobs rose by 179,000, consistent with the consensus projections of gains of 170,000. Moreover, job growth for the month of June was upwardly revised by 4,000 to 176,000. The initial estimate was a rise of 172,000.
The service-providing sector of the US economy continues to drive private job growth. The service providing sector added 185,000 workers in the month of July, as compared with June’s 203,000. Professional and business services, and trade, transportation and utilities both indicated a slowdown in the rate of hiring.
Goods-producing employers laid off 6,000 employees net, with construction shedding 6,000 and manufacturing hiring 4,000 in July.
Overall, July’s report comes in line with the trends seen recently and gives a slight hint on the state of labor markets. Nonfarm payroll growth for the month of July is expected to rise by 200,000, said Barclays in a research report.
