The US-China trade war is weighing on manufacturers in the US while smaller employers struggle to compete in a tight labour market, even as hiring by private sector employers rebounded in July to the highest in three months.
The figures from payroll processor ADP came ahead of the Federal Reserve’s widely expected 25 basis point interest rate cut last night. The closely watched monthly US jobs report from the labour department is due tomorrow.
Private payrolls increased by 156,000 in July from a revised 112,000 a month earlier, ADP said. That narrowly exceeded economists’ expectations for 150,000 but fell short of the rate last year and in the first half of 2019.
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