ADP Report Indicates The Addition Of 42,000 Jobs By The US Private Sector In July

According to the ADP employment report released today, US private-sector firm employment has increased 42,000 in July. The employment number released by the ADP report far exceeds the expectations of a gain of 30,000 jobs by economists surveyed by Bloomberg News. Joel Prakken, chairman of Macroeconomic Advisers, said, "July's rise in private employment was the sixth consecutive monthly gain." Macroeconomic Advisers produces the report from anonymous payroll data supplied by ADP. "However, over those six months increases have averaged a modest 37,000, with no evidence of acceleration," Joel added. Read more from Benzinga's Markets.