US private payrolls rose 44,000 in July, below expectations and the smallest
monthly gain since early this year, the ADP report showed. Hiring momentum
slowed, but wage growth for employees switching jobs climbed to its strongest
level in nearly a year. ADP said the labor market remains stable, supported by
firm corporate and consumer demand; if Friday’s nonfarm payrolls confirm this
pattern, Fed officials could continue to focus on elevated inf.