US companies added fewer jobs in July than expected, suggesting some cooling in hiring momentum after a recent stretch of solid gains.Private payrolls rose 44,000 - the least since the start of the year-after a revised 95,000 increase in the prior month, according to ADP Research data out Wednesday.Even with the moderation in hiring, the report showed wage growth for those who switched jobs picked up to the strongest pace in nearly a year.The figures point to a steady labor market supported by robust business and consumer demand. If confirmed in the government's monthly jobs report on Friday, the recent employment trend suggests Fed officials can keep their focus on inflation.
US companies add just 44,000 jobs in July as hiring slows
American businesses added fewer jobs in July than experts had predicted, with private payrolls up by just 44,000— the weakest increase this year. Conversely, job switchers enjoyed the steepest wage hikes in almost a year, reflecting a resilient labor market driven by substantial demand. This moderation gives Federal Reserve officials the leeway to concentrate on inflation worries.
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