Tech

US private payrolls rise by 330,000 in July — less than half what economists expected

  • US private-sector businesses added 330,000 jobs in July, ADP said in its monthly hiring report.
  • The print fell well short of the 683,000-payrolls forecast but still marked a seventh straight gain.
  • More states began cutting enhanced unemployment benefits in July to push more Americans into the workforce.

The US private sector added much fewer jobs than expected last month as several states began ending enhanced unemployment benefits and COVID cases crept higher.

Private payrolls rose by 330,000 in July, ADP said in its monthly employment report. That compares to a median estimate of 683,000 jobs from economists surveyed by Bloomberg. The print marks a seventh straight month of payroll gains but a sharp slowdown from the previous month’s gains.

The initial June count was revised to 680,000 from 692,000.

The July report is the first to reflect job gains in states that began cutting the federal boost to unemployment insurance ahead of the planned September expiration. Twenty-six states — all but one led by Republican governors — have slashed the benefit early in hopes of driving more unemployed Americans into the workforce. UI claims data suggests the early cancellation has been effective at pushing people off of unemployment — but this ADP report indicates that’s not necessarily translating into faster growth in actual jobs.

This story is breaking. Check back soon for updates.

Most Related Links :
dutifulnews Governmental News Finance News

Source link

Back to top button