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Financial News: U.S. Private Sector Employment Climbs Slightly More Than

U.S. Private Sector Employment Climbs Slightly More Than Expected In July

07/31/2019 - 08:39:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly more than anticipated in the month of July.

ADP said private sector employment climbed by 156,000 jobs in July after rising by an upwardly revised 112,000 jobs in June.

Economists had expected employment to increase by 150,000 jobs compared to the addition of 102,000 jobs originally reported for the previous month.

The report said employment in the service-providing sector jumped by 146,000 jobs, while employment in the goods-producing sector inched up by 9,000 jobs.

While ADP also said employment at large and mid-sized businesses rose by 78,000 jobs and 67,000 jobs, respectively, employment at small businesses crept up by just 11,000 jobs.

"Job growth is healthy, but steadily slowing," said Mark Zandi, chief economist of Moody's Analytics. "Small businesses are suffering the brunt of the slowdown."

He added, "Hampering job growth are labor shortages, layoffs at bricks-and-mortar retailers, and fallout from weaker global trade."

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Employment is expected to climb by 165,000 jobs in July after jumping by 224,000 jobs in June, while the unemployment rate is expected to hold at 3.7 percent.

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