ADP reported US seasonally adjusted private nonfarm payrolls rose 44,000 in
July, below June’s revised 95,000 and the 75,000 consensus. All net gains were
in services (+47,000); goods employment fell 3,000. Education and health added
36,000 jobs; financial activities +10,000; professional and business services
+9,000; other services +6,000. ADP chief economist Nela Richardson said: "Job
seekers are highly responsive to real-time economic conditions; rapid pay growth
indicates supply constraints in parts of the labor market. At the same time,
typical hiring patterns are shifting as employers respond to changing macro
conditions."
