"Job growth remains strong, but is moderating as the economy approaches full employment. Businesses are having a more difficult time filling open job positions, which are near record highs. The nation's biggest economic problem will soon be the lack of available workers".
- Mark Zandi, Moody's Analytics Inc.
US private companies added more jobs than expected in July, the ADP report revealed on Wednesday. Private sector firms in the United States created 179,000 new job places in the reported month, slightly up from the previous month's upwardly revised reading of 176,000, whereas economic desks anticipated a meagre decrease to 170,000 in the seventh month of the year. Business services contributed 59,000 new jobs in July, whereas financial services firm added 11,000 new jobs in the same month. Furthermore, the trade, transportation, and utilities industry added 29,000 new employees to the US labour market, while manufacturers created 4,000 new jobs in July. In the meantime, the construction sector subtracted 6,000 jobs in the reported month. Other data released on Tuesday showed that activity in the US non-manufacturing sector dropped in July, as the ISM Non-Manufacturing Index fell 55.5 points, after rising to 56.5 in June, its 8-month high.
Market analysts expected the indicator to come in at 56.1 in July. The EIA weekly report revealed that US crude oil inventories by 1.4 million barrels in the week ended July 29, after rising by 1.7 million barrels in the previous seven days. Analysts pencilled in a drop of 1. Million barrels in the reported period.
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