Private Sector Added 324,000 Jobs in July, Well Above Expectations, ADP Says
Private sector companies added far more jobs than expected in July, pushed higher by a boom in leisure and hospitality jobs, payroll processing firm ADP reported on Wednesday, August 2.
Private sector companies added far more jobs than expected in July, pushed higher by a boom in leisure and hospitality jobs, payroll processing firm ADP reported on Wednesday, August 2. The report provides another indication that the U.S. jobs market has retained its strength despite an extended Federal Reserve campaign to slow the economy and bring down inflation.
Job gains for the month came to 324,000, driven by a 201,000 jump in hotels, restaurants, bars and affiliated businesses. That total was well above the Dow Jones consensus estimate for 175,000, though it marked a decrease from the downwardly revised 455,000 in June.
Services-related industries dominated job creation during the month as the economy continues its transition back from being goods-oriented in the early days of the Covid pandemic. The sector was responsible for 303,000 jobs on the month.
Along with the big move in leisure and hospitality, information services added 36,000 positions; trade, transportation and utilities grew by 30,000; and the other services category, which encompasses things such as dry cleaning, housekeeping and the like, contributed 24,000.
Thailand’s 2023 Inflation Forecast to Be 1-2%, the Lowest in ASEAN
Thailand’s inflation rate is the lowest among the seven ASEAN countries which have already announced their rates
“Magnificent Seven” Stocks to Buy First in August
When volatility picks up, investors have a tendency to gravitate to trusted companies that have a history of outperforming the broad-market indexes.
Foreigners are Net Sellers of Japanese Bonds for Third Straight Week
Foreign investors were net sellers of Japanese bonds last week, as local bond prices fell after the Bank of Japan tweaked its bond yield curve control scheme to allow interest rates to rise more freely in line with increasing inflation.
