The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Private payroll growth slowed to 122,000 in July, less than expected, ADP says

by admin August 1, 2024
August 1, 2024
Private payroll growth slowed to 122,000 in July, less than expected, ADP says

Private job growth slowed further in July while the pace of wage gains hit a three-year low, payrolls processing firm ADP reported Wednesday.

Companies added just 122,000 jobs on the month, the slowest pace since January and below the upwardly revised 155,000 in June. Economists surveyed by Dow Jones had been looking for a gain of 150,000.

ADP also reported that wages for those who stayed in their jobs increased 4.8% from a year ago, the smallest increase since July 2021 and down 0.1 percentage point from June.

“With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow inflation,” said ADP chief economist Nela Richardson. “If inflation goes back up, it won’t be because of labor.”

Futures tied to major stock indexes added to gains following the report while Treasury yields fell.

There was more positive inflation news Wednesday, as the Labor Department’s Bureau of Labor Services reported that the employment cost index, an indicator Fed officials watch closely, increased just 0.9% in the second quarter, according to seasonally adjusted figures.

That was below the 1.2% acceleration in the first quarter and the Dow Jones estimate for a 1% increase.

Both reports could add to the likelihood that the Fed will signal a September rate cut when it concludes its two-day meeting later in the day.

Job growth was heavily concentrated in two sectors — trade, transportation and utilities, which added 61,000 workers, and construction, which contributed 39,000. Other sectors seeing gains included leisure and hospitality (24,000), education and health services (22,000) and other services (19,000).

Several sectors reported net losses on the month. They included professional and business services (-37,000), information (-18,000) and manufacturing (-4,000). Companies that employ fewer than 50 people also registered a loss, down 7,000 in June.

Geographically, the job gains were concentrated in the South, which saw a gain of 55,000, while the Midwest added just 17,000..

The ADP report comes two days before the Labor Department’s Bureau of Labor Services releases its nonfarm payrolls count, which, unlike the ADP tally, includes government jobs. The two reports can differ substantially, with ADP overshooting the BLS estimate of 136,000 for private payrolls in June.

Economists expect job growth of 185,000 in July, down from 206,000 in June, with the unemployment rate holding steady at 4.1%.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Boeing taps aerospace veteran Kelly Ortberg to replace Dave Calhoun as CEO
next post
Starbucks is reeling as customers go elsewhere, sales decline

Related Posts

Aviation incidents seem to be proliferating, but experts...

March 10, 2024

Trump’s deals to sell Bibles, sneakers and perfume...

April 2, 2024

NBC ripped up its Olympics playbook for 2024...

September 4, 2024

New Boeing CEO to give clues about company’s...

October 24, 2024

Why a small China-made EV has global auto...

March 25, 2024

Delta CEO offers employees free flights after CrowdStrike-Microsoft...

August 5, 2024

NYSE says technical issue fixed after Berkshire Hathaway...

June 4, 2024

Home Depot co-founder Bernie Marcus dies

November 7, 2024

Pixar is laying off 14% of its workforce...

May 22, 2024

Economic uncertainty reigns as the grip of inflation...

April 10, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      August 31, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 31, 2025
    • Epstein estate to hand over ‘birthday book’ to lawmakers, House Dem says

      August 31, 2025
    • Dyan Cannon denied White House entry after lying about her age on passport documents

      August 31, 2025
    • Israel eliminates Houthi prime minister in Yemen airstrike targeting senior government officials

      August 31, 2025
    • Sen. Bernie Sanders calls on RFK Jr. to resign following departure of CDC officials

      August 31, 2025

    Categories

    • Business (1,370)
    • Politics (4,370)
    • Stocks (1,619)
    • Uncategorized (45)
    • World News (1,363)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved