What a disappointment to start the day.
The ADP Employment Report for July fell well short of economists expectations, showing only 330,000 private sector jobs were added to the economy last month — compared with 695,000 expected.
Is it worker shortages or the Delta variant that is putting more of a damper on things?
In either case, this doesn't bode well for Friday's government jobs report. Even though the two reports aren't correlated, the ADP tally is considered a bellwether for the official count.
Mid-sized businesses added the most jobs, and the services sector, led by leisure and hospitality, again took the lead in the amount of positions added.