The US labor market added an average of 11,750 private-sector jobs during the week ending August 8, 2026, according to ADP’s NER Pulse weekly employment series. This figure represents a 24% increase from the 9,500 jobs recorded in the prior week, but remains in line with July’s monthly pace of 44,000 jobs for the entire month. Year-over-year pay growth reached 4.4% in July, a level that supports consumer spending while fueling services inflation, complicating the Federal Reserve’s task. For bond markets, this resilience in employment and wages reduces the urgency for interest rate cuts.
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