July ADP employment data fell short of expectations, signaling a slowdown in hiring amid steady wage growth for job changers.
US private employers added 44K jobs in July, below the 70K forecast, ADP data showed. The report revised June’s gain down to 95K from 98K initially reported.
Goods-producing sectors shed 3K jobs, reversing a 2K gain in June, while services added 47K, down from 96K. Wage growth for job stayers held at 4.4%, while job changers saw wages rise 7.0%, up from 6.6%.
The data suggests a cooling labor market, though wage pressures persist for workers switching roles.