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
Comments