(RTTNews) - Private sector job growth in the U.S. showed a substantial slowdown in the month of July, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment rose by 167,000 jobs in July after soaring by an upwardly revised 4.314 million jobs in June.
Economists had expected employment to surge up by another 1.5 million jobs compared to the 2.369 million job spike originally reported for the previous month.
"The labor market recovery slowed in the month of July," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "We have seen the slowdown impact businesses across all sizes and sectors."