ADP Says Businesses Add the Fewer New Jobs in Six Months

Dow Jones08-05 20:25

Hiring slows

ADP said businesses added the fewest new jobs in July in six months

ADP said U.S. businesses created just 44,000 new jobs in July - the smallest increase in six months - in another sign of a sluggish labor market in which hiring is unusually soft.

ADP is an appetizer of sorts ahead of the main course for markets: the official U.S. employment report on Friday. Economists predict a 98,000 increase in new jobs in July based on information collected by the Bureau of Labor Statistics.

The two reports offer differ month to month, but they head in the same direction over time.

What they show right now is a stagnant but steady labor market. Hiring is slow, but layoffs are also near record lows - what economists call a low-hire, low fire economy.

Market reaction: The Dow Jones Industrial Average DJIA and S&P 500 SPX were set to rise again on Wednesday after surging to fresh record highs.

-Jeffry Bartash

 

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment