US private-sector job growth slows sharply in July, ADP reports

Private-sector employment in the United States grew by just 44,000 jobs in July, according to a report released Wednesday by ADP, well below the 70,000 increase economists surveyed by Reuters had forecast. The report also revised the June figure downward to 95,000. The data, prepared with Stanford University's Digital Economy Research Center, was released ahead of the Bureau of Labor Statistics' broader official employment report due Friday. The ADP figures have often painted a weaker picture of the labor market than the government's data. On Tuesday, the Bureau of Labor Statistics reported that there were 1.04 job openings per unemployed worker in June. Economists projected private-sector gains of roughly 78,000 in July and total nonfarm payroll growth of around 80,000, with the unemployment rate expected to hold steady at 4.2%. A Conference Board survey also found that the share of consumers viewing jobs as "plentiful" had fallen to its lowest level since February 2021.