403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Private payrolls in US increase by 122,000 last month, lower than projections
(MENAFN) On Wednesday, the ADP Research Institute released its report indicating that US private payrolls increased by 122,000 in July, a figure that fell short of market expectations. Analysts had forecasted a rise of 147,000 jobs, making the actual increase notably lower than anticipated. This monthly gain represents a slowdown in job growth compared to previous months. Additionally, the report revised June’s figures upward, showing a revised increase of 155,000 jobs, compared to the initial report of 150,000.
Nela Richardson, ADP's chief economist, pointed out that the current trends in the labor market align with the Federal Reserve's efforts to temper inflation. She observed that the deceleration in wage growth indicates that the labor market is not exacerbating inflationary pressures. Richardson suggested that any future increases in inflation would not be attributable to labor market conditions.
The report also highlighted varied impacts across different business sizes. Small businesses saw a reduction of 7,000 jobs, contrasting with the growth experienced by mid-sized and large enterprises, which added approximately 70,000 and 62,000 jobs, respectively. This divergence underscores the challenges small businesses face relative to their larger counterparts.
In terms of sector performance, the trade, transportation, and utilities sector led job creation, contributing an increase of 61,000 positions. The construction industry followed with a gain of 39,000 jobs. Despite the overall slower pace of job growth, these sectors demonstrated robust performance, indicating continued demand and activity within these fields.
Nela Richardson, ADP's chief economist, pointed out that the current trends in the labor market align with the Federal Reserve's efforts to temper inflation. She observed that the deceleration in wage growth indicates that the labor market is not exacerbating inflationary pressures. Richardson suggested that any future increases in inflation would not be attributable to labor market conditions.
The report also highlighted varied impacts across different business sizes. Small businesses saw a reduction of 7,000 jobs, contrasting with the growth experienced by mid-sized and large enterprises, which added approximately 70,000 and 62,000 jobs, respectively. This divergence underscores the challenges small businesses face relative to their larger counterparts.
In terms of sector performance, the trade, transportation, and utilities sector led job creation, contributing an increase of 61,000 positions. The construction industry followed with a gain of 39,000 jobs. Despite the overall slower pace of job growth, these sectors demonstrated robust performance, indicating continued demand and activity within these fields.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment