Instant view: Private sector adds 114,000 jobs in July: ADP
NEW YORK (Reuters) - Private employers added 114,000 jobs in July, topping economists' expectations, a report by a payrolls processor showed on Wednesday.
ANTHONY KARYDAKIS, SENIOR U.S. ECONOMIST, COMMERZBANK AG, NEW YORK
"The track record of the ADP to predict the BLS payrolls figure has been close to dismal. If we view there is a relationship between ADP and the government's payroll survey, the relationship between the two has been completely broken.
"There is no doubt that the recovery has stalled here. Something fundamentally is going on, not just the supply-chain disruption and the weather.
"Right now there is an average 146,000 gain in payrolls in the past four months. We had an average gain of 65,000 over the past two months versus (an average) 230,000 gain in the prior two months. It's not that bad but we are probably moving to an underlying trend of job growth in the private sector that will fail to stabilize the unemployment rate. We need at least 125,000."
BOB ANDRES, CHIEF INVESTMENT OFFICER AT MERION WEALTH PARTNERS IN BERWYN, PENNSYLVANIA
"This is transitory. The broader picture is still that unemployment looks to be heading up and we don't have an economic base here to bring unemployment down. The simple answer is this number is meaningless."
JOHN CANALLY, INVESTMENT STRATEGIST AND ECONOMIST, LPL FINANCIAL, BOSTON Continued...