"Small non-farm" fell short of expectations! The U.S. ADP employment in July only increased by 44,000, the lowest this year, making Friday's non-farm data crucial
In July, the ADP private sector in the United States added only 44,000 jobs, hitting a new low for the year and falling short of expectations. The goods-producing sector is under pressure, indicating a cooling labor market. However, the salaries of employees who switched jobs grew strongly by 7% year-on-year, suggesting that structural tensions remain. The market is paying attention to Friday's non-farm payroll data; if the trends align, it will confirm the robustness of employment and provide support for the Federal Reserve to continue focusing on combating inflation.