The US private-sector employment increased by 330,000 in July, according to the ADP National employment report last Wednesday, less than half of the estimated 692,000 target.
The number indicates that employment growth fell short and continues to lag expectations amid labor shortages and increasing Covid-19 pandemic. According to ADP chief economist Nela Richardson that the labor market recovery still has legs, but it’s likely to be an uneven path forward due to the uncertain path of the delta variant and its effect on the US reopening.
DJIA (Dow Jones Industrial Average closed at 34,792.67 (-0,92% DoD). S&P 500 closed at 4,402.66 (-0.46% DoD).