Hiring increased for the second week in a row, rising from a previous level of 9,500 jobs.
In July, the job market lost jobs unexpectedly, raising questions about the resilience of the US economy and its condition amid ongoing inflationary pressures. Reviews conducted by the Ministry of Labor of the employment figures for May and June revealed that the economy added 103,000 fewer jobs than expected during those months.
ADP’s separate data on hiring in the private sector showed growth in job opportunities of 44,000 jobs in July, compared with 95,000 jobs in June. This is a less comprehensive measure than the monthly nonfarm payrolls report.
Investors are paying close attention to the labor market in an effort to gauge the likely path of interest-rate policy by the Federal Reserve. Fed policymakers have long stressed the need to address inflation stoked by an energy shock stemming from the war in Iran, though signs of weakness in the labor market may prompt officials to wait before raising rates.
In theory, higher borrowing costs can help curb inflation, even if that comes at the potential expense of a negative impact on the labor market and the economy overall.
U.S. private employers added an average of 11,750 jobs per week during the four weeks ending on August 8, according to preliminary data released by the ADP Research Institute on Tuesday.
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