First Look at July: ADP Says 167K Nonfarm Private Jobs Gained

The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository).

Today we have the ADP July estimate of 167K nonfarm private employment jobs gained, a decrease over the ADP revised June figure of 4.314M.

The 167K estimate came in below the Investing.com consensus of 1.5M for the ADP number.

The Investing.com forecast for the forthcoming BLS report is for 1.485M private nonfarm jobs gained and the unemployment rate to drop to 10.5%. Their forecast for the June full nonfarm new jobs is (the PAYEMS number) 1.6M.

Here is an excerpt from today's ADP report press release:

“The labor market recovery slowed in the month of July,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We have seen the slowdown impact businesses across all sizes and sectors.”

Here is a visualization of the two series over the previous twelve months.