The number of jobs in the private sector in the United States grew by 324,000 in July, according to the ADP National Employment Report released on Wednesday. The figure was larger than analysts had anticipated.
"The economy is doing better than expected and a healthy labor market continues to support household spending. We continue to see a slowdown in pay growth without broad-based job loss," Nela Richardson, chief economist at ADP stated.
Small and medium businesses added 237,000 and 138,000 jobs, respectively. On the other hand, jobs in large companies declined by 67,000. The number of jobs in the service sector surged by 303,000, most of which were in leisure and hospitality, and the number of jobs in the good-producing sector was up by 21,000, where growth in natural resources/mining and construction was somewhat offset by a drop in manufacturing payrolls.
