Private sector surpasses expectations, adding 324,000 jobs in July: ADP report

The private sector added 324,000 jobs in July, surpassing expectations, with a significant increase in leisure and hospitality jobs, according to payroll processing firm ADP. The job gains were driven by a jump of 201,000 in hotels, restaurants, bars, and related businesses. The report indicates that the U.S. job market remains strong despite efforts by the Federal Reserve to slow the economy. Services-related industries dominated job creation, while goods producers added fewer positions. Wages increased by 6.2% from a year ago, but growth slowed compared to previous months. The job gains were concentrated in smaller firms, while larger companies experienced a decline.