The non-farm private sector added 44,000 jobs in July, and annual pay was up 4.4% year-over-year, according to the ADP National Employment Report. This follows a revised June report of 95,000.
Small businesses with fewer than 50 added 23,000 jobs. Medium-sized businesses with 50–499 employees added 8,000 jobs, while large businesses gained 13,000 jobs.
“Job-changers are highly sensitive to real-time economic conditions, and their rapid pay growth implies supply constraints in parts of the labor market,” said Dr. Nela Richardson, chief economist, ADP. “Typical hiring patterns, meanwhile, are changing as employers react to shifting macro-economic conditions.”
Service-providing employment added 47,000 jobs, driven by education/health services gaining 36,000 jobs, followed by financial activities gaining 10,000 and professional/business services gaining 9,000.
Goods-producing employment lost 3,000 jobs. Natural resources/mining lost 6,000 while construction and manufacturing added 1,000 jobs and 2,000 jobs respectively.
Read the ADP report.
