US private payrolls increase moderately in July, ADP says
SPY•ADP says private payroll growth slowed in July
WASHINGTON, Aug. 5 (Reuters) - U.S. private payrolls growth slowed in July, the ADP national employment report showed on Wednesday.
Private employment increased by 44,000 jobs last month after a downwardly revised 95,000 gain in June. Economists polled by Reuters had forecast private employment increasing by 70,000 after a previously reported 98,000 rise in June.
The ADP report is jointly developed with the Stanford Digital Economy Lab, and was published ahead of the Bureau of Labor Statistics' more comprehensive and closely watched employment report for July on Friday. ADP has been a poor gauge of the BLS' private payrolls estimate.
The BLS reported on Tuesday that there were 1.04 open jobs for every unemployed person in June, little changed from May. A Reuters survey of economists predicted that private payrolls increased 78,000 in July after rising 49,000 in June. Overall nonfarm payrolls are forecast advancing 80,000 after increasing 57,000 in June. The unemployment rate is forecast to hold steady at 4.2%.
There is, however, a risk the jobless rate could edge higher after a Conference Board survey last week showed the share of consumers viewing jobs as "plentiful" dropped in July to the lowest level since February 2021.
