US companies added fewer jobs than expected in July, reflecting continued hiring barriers despite a broader recovery in the economy.
Businesses’ payrolls grew by 330,000 last month, the smallest gain since February, after a revised 680,000 profit in June, according to ADP Research Institute data released on Wednesday. The average projection in a Bloomberg survey of economists called for 690,000 gains in the latest month.
The slowdown in hiring underscores the challenges of a full-fledged labor market reform. Firms are trying to adjust to stagnant demand, but filling the now-record number of open positions will take time.
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