Private sector employment increased by 324,000 jobs in July and annual pay was up 6.2 percent year-over-year, according to the July ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).This was above the consensus forecast of 185,000. The BLS report will be released Friday, and the consensus is for 184 thousand non-farm payroll jobs added in July.
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“The economy is doing better than expected and a healthy labor market continues to support household spending,” said Nela Richardson, chief economist, ADP. “We continue to see a slowdown in pay growth without broad-based job loss.”
emphasis added
Wednesday, August 02, 2023
ADP: Private Employment Increased 324,000 in July
From ADP: ADP National Employment Report: Private Sector Employment Increased by
324,000 Jobs in July; Annual Pay was Up 6.2%