The American economy added a larger than expected 104k jobs in July, according to ADP Employment data released this morning.

This is better than the 76k expected and June's 33k job loss was revised up to a 23k job loss...
 

Source: Bloomberg
 

Hiring gains were led by a resurgence in services, with the exception of education and health, which has posted a net loss of jobs so far this year.
 

"Our hiring and pay data are broadly indicative of a healthy economy. Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient," said Dr. Nela Richardson Chief Economist, ADP

Year-over-year pay growth in July was 4.4 percent for job-stayers (lowest since May 2021) and 7 percent for job-changers.
 

Finally, as a reminder, this data point is literally worthless...

Hey ADP and Nela Richardson: delete your account.

180K difference between payrolls and ADP, highest in three years https://t.co/g5CNHKHfAf pic.twitter.com/TWU4h9jHG1

— zerohedge (@zerohedge) July 3, 2025

So, trade accordingly.

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