The American economy added a larger than expected 104k jobs in July according to ADP Employment data released this morning.

This is better than the 76k expected and June's 33k job loss was revised up to a 23k job loss...

Hiring gains were led by a resurgence in services, with the exception of education and health, which has posted a net loss of jobs so far this year.

"Our hiring and pay data are broadly indicative of a healthy economy. Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient," said Dr. Nela Richardson Chief Economist, ADP

Year-over-year pay growth in July was 4.4 percent for job-stayers (lowest since May 2021) and 7 percent for job-changers.

Finally, as a reminder, this data point is literally worthless...

...far better than expected.
{ai:summary}The American economy added 104,000 jobs in July, surpassing expectations of 76,000, with revisions showing a smaller job loss in June. The growth was mainly in services, while education and health sectors experienced job losses. Year-over-year pay growth for job-stayers was 4.4%.Despite the positive job numbers, skepticism remains about the accuracy of ADP's data, with a noted discrepancy of 180,000 between payrolls and ADP figures. Critics suggest this raises questions about the reliability of the employment report. #economy

"Employers More Optimistic Than Consumers" As ADP Reports Big Rebound In Jobs In July

Loading...