Private sector employment in the U.S. grew more modestly than anticipated in July, as detailed in a report released by payroll processor ADP on Wednesday.
According to ADP, the private sector added 122,000 jobs in July, following an upwardly revised increase of 155,000 jobs in June.
Economists had forecasted a growth of 150,000 jobs for the private sector, aligning with the initial job growth figures reported for the previous month.
The report also indicated that year-over-year pay gains for employees remaining in their current jobs decelerated to 4.8 percent in July, marking the slowest growth rate in three years.
Furthermore, employees who changed jobs experienced a significant decline in year-over-year pay growth, which decreased to 7.2 percent in July from 7.7 percent in June.
