ADP's Employment report for July was disappointing, showing the addition of just 122k jobs (well below the 150k expected and down from the 155k added in June).

That 122k addition is the weakest since January and the trend in job growth is not your friend with more sectors showing job losses...

“With wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation,” said Nela Richardson, chief economist, ADP.

“If inflation goes back up, it won't be because of labor.”

Finally, it is worth noting that ADP has been serially below BLS data for the last 12 months...

“If inflation goes back up, it won't be because of labor...”
{ai:summary}July's ADP report came in like a damp squib, with only 122,000 jobs added—far from the expected 150,000 and the worst since January. Various sectors are slipping into the red, raising eyebrows in a market that's supposed to be on the mend.With wage growth cooling, the Federal Reserve's plan to rein in inflation may just be working, but one can't help but wonder which numbers to trust—the ADP's or the BLS's. The plot thickens. #economy

ADP Employment Report Weakest Since January As Wage-Inflation Slows

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