“Private sector employment increased by 219,000 jobs from June to July,” the ADP stated in its latest report. This reading surpassed the market expectation of 185K and the previous reading of 177K. Below are some key quotes from the official press release.
- The labor market is on a roll with no signs of a slowdown in sight.
- Nearly every industry posted strong gains and small business hiring picked up.
- The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending.
- Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat.
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