US July ADP employment +104K vs +75K expected
- Prior -33K
- Good producing +31K vs +32K prior
- Services producing +74K vs -66K prior
Wage measures:
- Pay gains for job stayers 4.4% vs +4.4% prior
- Pay growth for job changers 7.0% vs +6.8% prior
These are solid numbers and just reinforce what was already been shown by jobless claims and the NFP report: the US labour market remains resilient with little signs of weakness.
The agency notes: "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.”