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Wednesday, July 31, 2013

ADP: Private Employment increased 200,000 in July

by Calculated Risk on 7/31/2013 08:19:00 AM

From ADP:

Private-sector employment increased by 200,000 jobs from June to July, according to the June ADP National Employment Report®. ... June’s job gain was revised upward from 188,000 to 198,000.
Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth remains remarkably stable. Businesses are adding to payrolls in most industries and across all company sizes. The job market has admirably weathered the fiscal headwinds, tax increases and government spending cuts. This bodes well for the next year when those headwinds are set to fade.”
This was above the consensus forecast for 179,000 private sector jobs added in the ADP report. Note:  The BLS reports on Friday, and the consensus is for an increase of 175,000 payroll jobs in July, on a seasonally adjusted (SA) basis.

Note: ADP hasn't been very useful in predicting the BLS report.