2024-08-01 03:03:00 ET
Summary
- ADP reported a smaller-than-expected addition of 122K nonfarm private jobs in July, marking the fourth consecutive month of slowing private sector hiring.
- Forecast for BLS report predicts 155,000 private nonfarm jobs added in July, with a total of 177,000 nonfarm jobs added.
- ADP breakdown shows service-providing jobs rose by 85,000 in July, with Trade, Transportation & Utilities sector seeing the largest growth.
The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository). However, each month a few days before we receive the highly anticipated jobs report, ADP releases their data on new nonfarm private jobs....
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ADP National Employment Report: 122K Private Jobs Added In July