Hiring at companies accelerated in July for a second month, according to a private report, underscoring a sturdy job market that’s helping drive the longest expansion in U.S. history.
Private payrolls increased by 156,000 after a revised 112,000 gain in June, according to ADP Research Institute data released Wednesday. The July advance was slightly better than estimates in a Bloomberg survey of economists that had called for a 150,000 rise.
The report precedes the Labor Department’s employment report on Friday, which is expected to show payrolls increased by about 165,000 in July, in line with average monthly gain of the decade-long expansion. The jobless rate is projected to hold at 3.7%, close to an almost 50-year low.
Goods-producing jobs rose by 9,000 driven by construction, the ADP figures showed.
Service-provider employment advanced 146,000.
Hiring at small businesses rose 11,000 in July after declining the prior two months.
Source : Bloomberg