August 5, 2021—After tremendous gains in June, hiring in the private sector slowed drastically in the month of July.
According to Fox Business, the ADP National Employment Report showed the U.S. added 330,000 private sector jobs in July, down more than 50 percent from the 680,000 jobs gained in June. Some analysts were projecting job gains for the month to be close to 700,000.
Despite the slowdown, ADP Chief Economist Nela Richardson said the economy is still showing positive signs of recovery.
"The labor market recovery continues to exhibit uneven progress, but progress nonetheless," Richardson said. "Bottlenecks in hiring continue to hold back stronger gains, particularly in light of new COVID-19 concerns tied to viral variants."
According to the report, job growth was pretty evenly distributed among small-, medium- and large-sized businesses.