ADP Report Points to Larger than Expected Jobs Number
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Today's ADP report showed private sector jobs gains of 163k. Analysts were calling for a gain of 120k. Gains were seen in all sectors of the jobs market, with the largest gain coming in the service-providing sector, which added 148k jobs.
According to Joel Prakken, chairman of Macroeconomic Advisers, LLC, "July's increase was the thirtieth consecutive monthly advance, and higher than the consensus forecast for today's release and for the official jobs number due out Friday from The Bureau of Labor Statistics. Although recent employment gains likely have been restrained by heightened uncertainty over the European financial crisis and by growing concerns about domestic fiscal policy, July's increase of 163,000 new jobs reinforces that the pace of hiring has picked back up after slowing sharply during the Spring."
Friday's widely anticipated government jobs number is expected to show a gain of 100k jobs.
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According to Joel Prakken, chairman of Macroeconomic Advisers, LLC, "July's increase was the thirtieth consecutive monthly advance, and higher than the consensus forecast for today's release and for the official jobs number due out Friday from The Bureau of Labor Statistics. Although recent employment gains likely have been restrained by heightened uncertainty over the European financial crisis and by growing concerns about domestic fiscal policy, July's increase of 163,000 new jobs reinforces that the pace of hiring has picked back up after slowing sharply during the Spring."
Friday's widely anticipated government jobs number is expected to show a gain of 100k jobs.
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