Private Sector Added 324,000 Jobs in July, Well Above Expectations, ADP Says
Private sector companies added far more jobs than expected in July, pushed higher by a boom in leisure and hospitality jobs, payroll processing firm ADP reported on Wednesday, August 2.
Private sector companies added far more jobs than expected in July, pushed higher by a boom in leisure and hospitality jobs, payroll processing firm ADP reported on Wednesday, August 2. The report provides another indication that the U.S. jobs market has retained its strength despite an extended Federal Reserve campaign to slow the economy and bring down inflation.
Job gains for the month came to 324,000, driven by a 201,000 jump in hotels, restaurants, bars and affiliated businesses. That total was well above the Dow Jones consensus estimate for 175,000, though it marked a decrease from the downwardly revised 455,000 in June.
Services-related industries dominated job creation during the month as the economy continues its transition back from being goods-oriented in the early days of the Covid pandemic. The sector was responsible for 303,000 jobs on the month.
Along with the big move in leisure and hospitality, information services added 36,000 positions; trade, transportation and utilities grew by 30,000; and the other services category, which encompasses things such as dry cleaning, housekeeping and the like, contributed 24,000.
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