by Calculated Risk on 8/04/2021 08:21:00 AM
to July according to the July ADP(R) National Employment ReportTM. Broadly distributed to the public each
month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute(R)
in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data,
measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
“The labor market recovery continues to exhibit uneven progress, but progress nonetheless. July payroll
data reports a marked slowdown from the second quarter pace in jobs growth,” said Nela Richardson,
chief economist, ADP. “For the fifth straight month the leisure and hospitality sector is the fastest growing
industry, though gains have softened. The slowdown in the recovery has also impacted companies of all
sizes. Bottlenecks in hiring continue to hold back stronger gains, particularly in light of new COVID-19
concerns tied to viral variants. These barriers should ebb in coming months, with stronger monthly gains
ahead as a result.”
This was well below the consensus forecast of 675,000 for this report.
The BLS report will be released Friday, and the consensus is for 900 thousand non-farm payroll jobs added in July. The ADP report has not been very useful in predicting the BLS report.