US companies added 167,000 in July, badly missing economist forecasts, ADP says

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• US private payrolls rose 167,000 in July, a Wednesday report from ADP showed.
• Economists had expected that private payrolls would rise by 1.2 million in July. 
• The report is a precursor to the US government's July nonfarm payrolls release, scheduled for Friday. 
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US companies added jobs in July but at a much slower rate than economists expected, potentially signaling that the recovery from the pandemic recession is losing momentum. 

US private payrolls rose 167,000 in July, according to the ADP employment report released Wednesday. That's much lower than the median economist estimate of 1.2 million payrolls added, according to Bloomberg data. 

See the rest of the story at Business Insider

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