Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Investing.com - U.S. private employers added more roles than anticipated in July, bouncing back from the first decline in more than two years in the prior month, suggesting some resilience in labor demand despite lingering economic uncertainty.
Private payrolls rose by 104,000 this month, reversing a fall of 23,000 in June, thanks to a resurgence in services sector hiring, according to data from payrolls processor ADP on Wednesday. June’s drop had initially been at 33,000.
Economists had been anticipating private payrolls growth of 77,000.
Separate figures earlier this week suggested that while job openings, a proxy for demand, may be cooling, layoffs have remained muted and Americans seem less willing to leave their current roles to look for new opportunities.
Consumer sentiment has also shown indications of improvement, even as economists warn that sweeping U.S. tariffs could drive up inflation and weigh on growth.
"Our hiring and pay data are broadly indicative of a healthy economy. Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient," said Nela Richardson, Chief Economist at ADP, in a statement.
The ADP report comes ahead of the more comprehensive employment report for July from the Labor Department’s Bureau of Labor Statistics on Friday. The ADP and BLS reports have no direct correlation.