Labor Market Growth Firm And Steady: ADP

Growth in the labor market held firm and steady in July, based on ADP's 179,000 estimate for private payrolls in Friday's employment report. The result is near the top-end of the Econoday forecast range and is slightly higher than ADP's estimate for June. And June proved very strong in the government data, up 265,000.

Recent History Of This Indicator:
ADP employment has had many more hits than misses this year including June when the report called for a 173,000 rise in private payrolls, a call that looks small compared to the outsized 265,000 actual outcome but what was well over expectations at the time. ADP's estimate for July is expected to come in at 165,000 which would point to another positive month for the July employment report.