The nonfarm private sector gained 122,000 jobs in July, according to the ADP National Employment Report. This follows an upward revision to 155,000 jobs in June.
Small businesses with fewer than 50 employees lost 7,000 jobs. Medium-sized businesses with 50-499 employees gained 70,000 jobs while large businesses gained 62,000.
“With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow inflation,” said Nela Richardson, chief economist, ADP. “If inflation goes back up, it won’t be because of labor.”
Service-providing employment gained 85,000 jobs driven by gains in trade/transportation/utilities and leisure/hospitality, which grew by 61,000 and 24,000, respectively.
Goods producing-employment gained 37,000 jobs. Construction gained 39,000 jobs while manufacturing lost 4,000 jobs.
Read the ADP report.
