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U.S. Private Sector Job Growth Far Exceeds Expectations In July
(RTTNews) - With the leisure and hospitality sector again driving growth, payroll processor ADP released a report on Wednesday showing U.S. private sector employment jumped by much more than expected in the month of July.
ADP said private sector employment shot up by 324,000 jobs in July after surging by a downwardly revised 455,000 jobs in June.
Economists had expected private sector employment to increase by 189,000 jobs compared to the spike of 497,000 jobs originally reported for the previous month.
"The economy is doing better than expected and a healthy labor market continues to support household spending," said ADP chief economist Nela Richardson.
The much stronger than expected job growth came as employment in the leisure and hospitality sector jumped by 201,000 jobs.
Employment in the natural resources and mining sector also saw a notable increase of 48,000 jobs, while employment in the manufacturing sector fell by 36,000 jobs.
Meanwhile, ADP noted pay growth for job stayers slowed to 6.2 percent, the slowest pace of gains since November 2021. For job changers, pay growth slowed to 10.2 percent.
The Labor Department is scheduled to release its more closely watched report on employment in the month of July on Friday.
Economists currently employment to increase by 200,000 jobs in July after climbing by 209,000 jobs in June, while the unemployment rate is expected to remain at 3.6 percent.
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