In July, hiring in the US private sector unexpectedly slowed . About 122,000 jobs added, down from June. This lead to weaker pay gains as reported by ADP. This news precedes a Federal Reserve decision on interest rates, with expectations of imminent cuts to combat inflation. Pay increases slowed to 4.8 per cent year-on-year, the slowest in three years, supporting the case for rate cuts. Service industries saw the most gains, while manufacturing and information sectors lagged.
