US labour market recovers at slower pace in July
By Iain Gilbert
Date: Wednesday 05 Aug 2020
(Sharecast News) - The US labour market recovery slowed sharply in July as the private sector added 167,000 jobs last month, according to the ADP National Employment Report.
However, the coronavirus-fuelled slowdown continued to impact businesses across all sizes and sectors as the figure came in well and truly short of forecasts for a print of 1.9m and the readings of 3.3m and 4.3m in May and June, respectively.
Small businesses added 63,000 new jobs in July and large business a further 129,000 jobs. Medium-sized business, however, cut 25,000 jobs throughout the month.
On a sector-by-sector basis, the goods-producing sector crashed 1,000 new positions and the service sector added a total of 166,000.
"The labour market recovery slowed in the month of July," said ADP vice president Ahu Yildirmaz. "We have seen the slowdown impact businesses across all sizes and sectors."
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