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Economic news
31.07.2024

U.S. private employers add 122,000 jobs in July - ADP

The employment report published by Automatic Data Processing Inc. (ADP) and Moody's Analytics showed that U.S. private employers added 122,000 jobs in July. This marked the lowest number since January (+111,000).

Economists had predicted an addition of 150,000 new jobs for July.

Meanwhile, the June figure saw an upward revision to 155,000 from the originally reported 150,000.

According to the report, the July job increase was led by trade, transportation and utilities (+61,000), construction (+39,000), and leisure and hospitality (+24,000). At the same time, professional and business services (-37,000), information (-18,000) and manufacturing (-4,000) shed jobs last month.

The report also revealed that pay growth for job changers demonstrated a big drop last month - from 7.7 per cent y-o-y in June to 7.2 per cent y-o-y, the lowest level since May 2021 (+6.7 per cent y-o-y). Meanwhile, pay growth for job stayers slowed from 4.9 per cent y-o-y to 4.8 per cent y-o-y, the lowest level in three years.

Commenting on the latest report, Nela Richardson, ADP’s chief economist, noted that with wage growth abating, the U.S. labour market is playing along with the Federal Reserve's effort to slow inflation. “If inflation goes back up, it won't be because of labour,” she added.

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