ADP report showed only 167k growth in US private employment in July, far below expectation of 1200k. Nevertheless, June’s figure was revised sharply higher from 2369k to 4314k. By company size, small businesses added 63k jobs, medium businesses dropped -25k, large businesses rose 129k. By sector, goods-producing companies added just 1k job. Service-providing companies added 166k jobs.
“The labor market recovery slowed in the month of July,”said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We have seen the slowdown impact businesses across all sizes and sectors.”
