U.S. Private Sector Job Growth Exceeds Estimates In July
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by more than expected in the month of July.
The report said private sector employment jumped by 104,000 jobs in July after slipping by a revised 23,000 jobs in June.
Economists had expected private sector employment to climb by 78,000 jobs compared to the dip of 33,000 jobs originally reported for the previous month.
ADP said the stronger than expected private sector job growth was 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," said ADP chief economist Dr. Nela Richardson. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient."
The report said year-over-year pay growth in July was 4.4 percent for job-stayers and 7 percent for job-changers, with ADP noting gains have held steady for the past four months.
On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.
Economists currently expect employment to increase by 110,000 jobs in July after climbing by 147,000 jobs in June, while the unemployment rate is expected to inch up to 4.2 percent in July from 4.1 percent in June.
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