The private sector added 104,000 jobs in July, beating the 75,000 forecast and rebounding from June’s job losses, according to ADP. Medium and large businesses led the way, each adding 46,000 jobs, while small businesses with less than 50 employees contributed just 12,000.
Wage growth eased slightly to 4.4% for workers staying in their roles and remained at 7% for job changers.
What’s the bottom line?
ADP’s Chief Economist, Dr. Nela Richardson, said the hiring and pay data “are broadly indicative of a healthy economy.” She added that employers are more optimistic that consumers – the backbone of the economy – will continue to hold strong.
