From ADP: ADP National Employment Report: Private Sector Employment Increased by
122,000 Jobs in July; Annual Pay was Up 4.8%
122,000 Jobs in July; Annual Pay was Up 4.8%
Private sector employment increased by 122,000 jobs in July and
annual pay was up 4.8 percent year-over-year, according to the July ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). …“With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow
inflation,” said Nela Richardson, chief economist, ADP. “If inflation goes back up, it won’t be because of
labor.”
emphasis added
This was below the consensus forecast of 168,000. The BLS report will be released Friday, and the consensus is for 175,000 non-farm payroll jobs added in July.