ADP Reports 178,000 Rise in July Private Payrolls

By Justina Vasquez Features Dow Jones Newswires

Hiring at private U.S. employers slowed more than expected for the second consecutive month, according to a recent report, potentially raising concerns about a weakening economy.

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Firms across the country added 178,000 workers to their ranks in July, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody's Analytics. Economists surveyed by The Wall Street Journal had expected 180,000 additional jobs.

The June total was revised to 191,000 from 158,000. The ADP report is based on private payroll data in addition to government data.

Mark Zandi, chief economist of Moody's Analytics, said in the report that job growth is "broad-based across industries and company sizes, with only manufacturers reducing their payrolls." He said, "At this pace of job growth, unemployment will continue to quickly decline."

The report comes ahead of the U.S. Bureau of Labor Statistics' monthly jobs report release Friday, which also is expected to see slower gains in employment. Economists expect nonfarm jobs to rise by 180,000 for July, compared with a 222,000 addition the prior month.

(END) Dow Jones Newswires

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August 02, 2017 09:07 ET (13:07 GMT)