ADP reported that US private employers added an average of 9,500 jobs per week through the four weeks ending August 1, up from the prior reading of 8,250, snapping a streak of seven consecutive weeks of decline. At that pace, roughly 38,000 jobs are being created monthly, still historically modest and coming after a July report that showed only 44,000 new private-sector positions, the weakest monthly print in six months. June’s figure was revised down to 95,000. Annual pay growth held steady at 4.4% year-over-year as of July, remaining above the Fed’s 2% inflation target and complicating the central bank’s policy calculus.
Source: Read the original article
