Tags: ADP | Private | Sector | Jobs

ADP: Private Sector Added 114,000 Jobs in July

Wednesday, 03 Aug 2011 08:54 AM

The pace of private sector job growth slowed in July with employers adding 114,000 positions, a report by a payrolls processor showed on Wednesday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 100,000 jobs. June's private payrolls were revised down to an increase of 145,000 from the previously reported 157,000.

The report is jointly developed with Macroeconomic Advisers LLC.

"This only adds fuel to the argument that the slowdown story is here in the U.S. I am fairly confident that people are going to be scaling back their estimates for nonfarm payrolls on Friday," said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York.

"While it is a good thing that small and medium-sized companies are adding payrolls, there is no doubt that the pace has slowed."

U.S. stock index futures added to gains immediately following the report, while Treasury prices slipped and the dollar rose against the Swiss franc.

The ADP figures come ahead of the government's much more comprehensive labor market report on Friday, which includes both public and private sector employment.

That report is expected to show a rise in overall nonfarm payrolls of 85,000 last month based on a Reuters poll of analysts, and a rise in private payrolls of 115,000.

Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.

© 2017 Thomson/Reuters. All rights reserved.

   
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The pace of private sector job growth slowed in July with employers adding 114,000 positions, a report by a payrolls processor showed on Wednesday. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 100,000 jobs. June's...
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Wednesday, 03 Aug 2011 08:54 AM
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