US private sector payroll growth jumps in July, ADP says
Hiring in the States accelerated moderately last month, according to the results of a widely-followed survey, contrary to economists' forecasts.
Private sector payroll growth picked-up to a pace of 219,000 in July, according to consultancy ADP, following a rise of 177,000 in the month before and calls for an increase to 180,000.
Employment increased the most at mid-sized companies, which are defined as those enterprises with between 50 to 499 staff, where hiring increased by 119,000.
By sectors, services contributed 177,000 new positions and goods another 42,000.
Within the latter, hiring manufacturing rose by 23,000, that in construction by 17,000 while in natural resources and mining it increased by 3,000.
Following Wednesday's data, Ian Shepherdson at Pantheon Macroeconomics lifted his forecast for the official monthly non-farm jobs report scheduled for release on Friday from 200,00 to 210,000.
So far, then, we can detect very few signs that the tariffs spats are depressing labor demand at the macro level. We think that would change if the administration imposes the $200B-worth of extra tariffs on imports from China that it is currently considering."