ADP: US Private Payrolls Add Just 44,000 Jobs, Fewest in Six Months
US private employers added just 44,000 jobs in July, the smallest monthly gain in six months, according to ADP's latest report. The data point to a sluggish labor market, with most of the growth concentrated in health care.
US businesses added only 44,000 private-sector jobs in July, the fewest in six months, according to the ADP National Employment Report released Wednesday. The reading came in well below economists' expectations and marks the latest sign that hiring has slowed sharply over the summer.
Most of the job growth came from the health care sector, while other industries showed little momentum. Economists said the figures point to employers becoming more cautious amid persistent cost pressures and uncertainty over trade policy and interest rates.
The soft reading adds to a broader picture of a cooling but still-expanding US economy, with rising costs limiting companies' appetite to hire. Investors will watch Friday's official government jobs report for confirmation of the slowdown.
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