Economists reactions mixed after ADP July report underwhelms

04 August 2021

 

Summary: ADP payrolls up by 330K in July; less than half consensus expectation; June increase revised down by 12K; result at odds with recent job vacancy reports but may lower July NFP expectations; figures up across firms of all sizes, modest bias towards mid-sized firms; 95% of gain in services sector, led again by leisure/hospitality sector.   The ADP National Employment Report is a monthly report which provides an estimate...

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