Private Sector Added 324,000 Jobs In July, Well Above Expectations, ADP Says  

• Private sector companies added far more jobs than expected in July which was pushed higher by a boom in leisure and hospitality jobs.
• Job gains for the month came to 324,000, driven by a 201,000 jump in hotels, restaurants, bars and affiliated businesses. That total was well above the Dow Jones consensus estimate of 175,000, though it marked a decrease from the downwardly revised 455,000 in June.
• Services-related industries dominated job creation during the month as the economy continues its transition back from being goods-oriented in the early days of the Covid pandemic. The sector was responsible for 303,000 jobs in the month.
• Along with the big move in leisure and hospitality, information services added 36,000 positions; trade, transportation and utilities grew by 30,000; and the other services category, which encompasses things such as dry cleaning, housekeeping and the like, contributed 24,000.
• The report provides another indication that the U.S. jobs market has retained its strength despite an extended Federal Reserve campaign to slow the economy and bring down inflation.
• “The economy is doing better than expected and a healthy labour market continues to support household spending,” said Nela Richardson, ADP’s chief economist.

(Source: CNBC)