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Private-sector hiring slowed in July, with most of the employment gains coming from education and health services, according to new data from payroll processor ADP.
Excluding government, employment grew by 44,000, sharply below June’s downwardly revised 95,000. The figures also fell short of the consensus estimate of 70,000.
Nela Richardson, chief economist at ADP, said in an Aug. 5 statement that “typical hiring patterns … are changing as employers react to shifting macro-economic conditions.”
All of the gains occurred in the services sector, adding 47,000 positions. Payrolls among goods-producing firms declined by 3,000.
A sizable share of last month’s nonfarm job growth came from small businesses (23,000). This was followed by large companies (13,000) and mid-sized companies (8,000)….
Excluding government, employment grew by 44,000, sharply below June’s downwardly revised 95,000. The figures also fell short of the consensus estimate of 70,000.
Nela Richardson, chief economist at ADP, said in an Aug. 5 statement that “typical hiring patterns … are changing as employers react to shifting macro-economic conditions.”
All of the gains occurred in the services sector, adding 47,000 positions. Payrolls among goods-producing firms declined by 3,000.
A sizable share of last month’s nonfarm job growth came from small businesses (23,000). This was followed by large companies (13,000) and mid-sized companies (8,000)….
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