US private-sector payrolls grew by just 44,000 in July, well below the 68,000 to 70,000 economists had forecast, according to ADP’s National Employment Report. This figure represents the weakest monthly gain in six months, after June was revised down to 95,000. The services sector contributed 47,000 jobs while manufacturing and construction shed 3,000 positions. The report is based on anonymized payroll data covering more than 25 million US workers. These figures strengthen expectations for interest rate cuts by the Federal Reserve.
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