US private employers added only 44,000 jobs in July according to the ADP National Employment Report, the weakest monthly gain in six months and well below economist expectations of around 70,000. This figure represents a sharp deceleration from June’s revised 95,000 jobs. It also falls far short of the 100,000 to 150,000 monthly jobs needed to keep pace with US population growth. This labor market weakness strengthens the case for interest rate cuts by the Federal Reserve, which could benefit risk assets like cryptocurrencies. Investors are now waiting for the official BLS nonfarm payrolls report, which could confirm or complicate this trend.
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