US ADP report showed private sector jobs grew 216k in July, above expectation of 186k. Prior month’s figure was also revised up from 177k to 181k.
Commenting in the release, Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said “the labor market is on a roll with no signs of a slowdown in sight.” And, “nearly every industry posted strong gains and small business hiring picked up.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending. Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat.”