ADP Employment Change JULY +163K, economist estimated 120K. This is down slightly from the prior periods +172K.
Modest growth in job creation is a good thing, and the ADP number suggests a modest decline in the unemployment rate. But the economy needs to put 5 million to 7 million people back to work, so what we really need is change in the +300K range. So it’s positive, but it continues to show a very sluggish recovery.
The ADP number has been the best of a bad set of economic numbers.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury