Another bumper ADP job report; non-farm payroll doubts remain

02 August 2023

 

Summary: ADP payrolls up 324,000 in July, considerably more than consensus expectations; June revised down by 42,000; slowdown in pay growth without broad-based job loss; NAB: report suggests upside risks to July NFP result although a poor indicator; positions up in small and medium businesses, down in large ones;  little under 95% of gains in services sector, led by leisure/hospitality sector. The ADP National Employment Report is a monthly report...

read full story