
US private employers added 44,000 jobs last month, payroll processor ADP said Wednesday, missing expectations.
Economists surveyed by Bloomberg had predicted a gain of 65,000 positions after June brought 95,000 roles.
Still, ADP noted that pay for job-switchers accelerated to 7% in July, its fastest annual pace since last August, suggesting demand for some workers may be picking up.
“Job-changers are highly sensitive to real-time economic conditions, and their rapid pay growth implies supply constraints in parts of the labor market,” ADP chief economist Nela Richardson said in a statement. “Typical hiring patterns, meanwhile, are changing as employers react to shifting macro-economic conditions.”
Hiring picked up the most in education and health services, while leisure and hospitality shed 11,000 jobs as the World Cup wound down.
Official payroll growth figures and the unemployment rate will be released by the Labor Department on Friday, and are expected to show 80,000 new roles.
Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at emma.ockerman@yahooinc.com.
Sign up for the Mind Your Money newsletter
Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more
Read the latest financial and business news from Yahoo Finance






