ADP Jobs Report Sparks Fears of Rate Hike Uncertainty

The latest ADP National Employment Report has revealed that private employers added just 44,000 jobs in July, below the 75,000 Dow Jones consensus and barely half of June's revised 95,000. This is the smallest monthly gain since January.

Annual pay growth for workers staying in their jobs held at 4.4%, while job-changer pay accelerated to 7.0% year-over-year in July, the fastest pace since August 2025.

This data has set up Friday morning's official nonfarm payrolls count as the critical data point that will determine whether three Federal Reserve hawks get the September rate hike they voted for last week.