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Private Companies Added Way Fewer Jobs Than Expected In July. June's Figures Were Also Revised Downward
['Demian Bio']
International Business Times
Private companies added tens of thousands of jobs less than estimated in July, according to new data.
ADP detailed that nonfarm payrolls added 44,000 jobs last month, the lowest since January and below the The Dow Jones consensus forecast, which stood at 75,000.
Most gains came from the education and health services sector, which added 36,000 roles.
The latest economic data showed that the U.S. economy grew 1.5% in the second quarter, less than expected.
The indicator represents over two-thirds of the U.S. economic activity and bounced back in the second quarter, clocking in at 3.2% after slowing to 0.5% in the first quarter.