Recovery from the crisis in US private sector much worse than expected
Recovery from the crisis is slow and shows exhaustion.
Recovery from the crisis has cooled substantially in the US job market. In July, the private sector created just 167,000 jobs, a far cry from the 1.5 million expected by analysts and from 2.3 million in June.
The pace of economic recovery from the crisis in the United States casts new shadows. The latest weekly unemployment figures already pointed to a notable cooling in job creation. Today’s data has touched stagnation.
The ADP report on private sector job creation has limited 167,000 new jobs created in July. The figure has surprised, downward, the market. Analysts polled by Reuters had expected the creation of 1.5 million jobs, nine times more than the final figure.
The data published today not only falls far short of expectations. It borders on the stagnation in job creation compared to the figures of the previous month, June, when 2.3 million jobs were created in the process of lack of confidence.
In their latest interventions, the Fed had stressed that the persistence of the coronavirus could lead to a slower economic recovery than initially expected.
Today’s data increases expectations regarding the weekly US unemployment figures that will be released tomorrow, and above all, in view of the publication next Friday of the official employment report for July.
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