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Fewer new jobs than expected in the USA

» Updated: 31 July 2024, 16:07

» Published: 31 July 2024

Fewer new jobs than expected in the USA
Photo: Mary Altaffer/AP/TT

122,000 new jobs were created in the private sector in the USA in July, according to monthly statistics from payroll administrator ADP.

This was far below expectations and can be compared to the revised 155,000 new jobs in the sector in June.

The average forecast among analysts was 150,000 new jobs in July, according to news agency Bloomberg's compilation of forecasts.

The figure implies the lowest number of new jobs in the sector since January and yet another sign of decreased demand for labor.

The report is being released ahead of Wednesday evening's American interest rate decision. The central bank, Federal Reserve (Fed), is expected to signal that the first interest rate cut will come in September.

A cooler labor market is something the Fed is looking for to start cutting interest rates.

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By TTThis article has been altered and translated by Sweden Herald

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