The ADP Research Institute report on private payrolls doesn’t always track with the government’s monthly jobs report, but the trends usually matches up.
Which argues that Friday’s July jobs report will show that the economy and the labor market took a step backward in July.
The ADP report released today showed that businesses added just 167,000 jobs in July. That’s a huge step down from the revised 4.31 million gain in June.
The 167,000 jobs added in July trailed all the estimates in Bloomberg’s survey of economists. The median projection in that survey was for the addition of 1.2 million jobs.
The government report Friday is forecast to show that private payrolls increased by 1.5 million in July after a 4.8 million gain in June.
We’ll get another preview of the Friday jobs report for July tomorrow with the release of the weekly numbers on new claims for unemployment.
