But hiring picked up among larger companies, with more than 1,000 workers, which added 47,000 jobs in July, nearly eight times more than their hiring levels in June.
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The private companies added 185,000 jobs in July, down from 229, 000 jobs in June, said the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody’s Analytics, based on a monthly survey, Xinhua reported. Economists on the street expect the US economy to add 225,000 in July and the unemployment rate to hold at 5.3 percent for the second straight month.
“Job growth is strong, but it has moderated since the beginning of the year”, the ever optimistic Mark Zandi, chief economist of Moody’s Analytics, said.
The ADP survey studied data from private businesses with more than 23 million workers on payrolls but excludes government job growth. The result of those layoffs will be fewer job gains this year compared with 2015.
Small businesses, with less than 50 employees, added 59,000 jobs, down from 118,000 in June. But low oil prices weighed on the manufacturing sector, which added just 2,000 jobs. Employment among companies with 50-499 employees increased by 62,000 jobs, down from 78,000 the previous month. “Nonetheless, even at this slower pace of growth, the labour market is fast approaching full employment”.
Hiring cooled off last month across several industries.
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The ADP figures come ahead of the U.S. Labor Department’smore comprehensive non-farm payrolls report on Friday, whichincludes both public and private-sector employment. Trade/transportation/utilities added 25,000 jobs and financial activities added 10,000 jobs.
