US private-sector hiring slows in July, according to ADP Research data released Wednesday. The report shows private payrolls increase by 44,000 jobs in July, following an upwardly revised gain of 95,000 in the prior month. Multiple outlets say the July figure comes in below market expectations, indicating fewer jobs are added than forecast.
CNBC reports that hiring at private companies decelerates significantly, with most of the job growth concentrated in health care. NDTV adds that, despite moderation in hiring, wage growth among workers who change jobs accelerates, reaching the strongest pace in nearly a year. Bloomberg similarly highlights the weaker-than-expected job additions, citing the July employment increase and the revised prior-month number.
Taken together, the coverage portrays a cooling labor demand for private payrolls in July while highlighting that pay growth for job switchers remains robust and that health care accounts for a large share of new positions.
