Economy

ADP private payroll growth at 167,000 in July, well below expectations

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The move to get displaced workers back to their jobs slowed sharply in July, with private payrolls increasing by just 167,000, ADP reported Wednesday.

That total was well below the 1 million expected from economists surveyed by Dow Jones and represented a tumble from the 4.314 million created in June, according to the report, which is prepared in conjunction with Moody’s Analytics.

One bright spot was that the June total was revised sharply higher from the approximately 2.4 million in the initial estimate. However, that month, combined with May’s 3.34 million increase, still leaves the jobs market well short of the 19.7 million positions lost in March and April as the U.S. economy went…



Source cnbc.com

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