- FOMC
US private employers hired fewer workers in July than expected, reducing expectations of a robust jobs data in the government's payrolls report due Friday. American companies took on 185,000 workers in the reported month, which was the smallest increase since April and compared with economists' forecast for a 215,000 gain. Meanwhile, private payroll data in June was revised down to 229,000 from an originally reported 237,000 increase, which was the biggest surge since December. The ADP figures are typically released ahead of the US Labor Department's more comprehensive non-farm payrolls report, which includes both public and private-sector employment. Economists expect total US employment to have increased by 223,000 jobs in July. The unemployment rate is seen to remain for a second month at 5.3%, the lowest level since April 2008.
A separate report showed the US trade gap expanded in June as a strong Dollar and weakness overseas continued to undermine demand for American-made goods. The trade gap with other nations widened 7.1% to a seasonally adjusted $43.84 billion in June, the Commerce Department reported. That was wider than the $43.5 billion shortfall projected by economists. The gap reflected an increase in American purchases of imports, and falling global demand for US goods. Imports rose 1.2%, while exports declined 0.1%.
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