July jobs report exceeds expectations, adding 324,000 jobs

(NBC, KYMA/KECY) - July's jobs report is in and it's better than expected. Private sector job gains in July totaled 324,000, pushed up by a 201,000 jump in hotel, restaurant and bar hirings.

That soared above Dow Jones estimate of 175,000, but still modest compared to June's 455,000.

According to the payroll processing firm Automatic Data Processing (ADP), the report is a sign the American jobs market is still strong despite an extended federal reserve push to slow the economy and ease inflation.

ADP's Chief Economist Nela Eichardson said the healthy labor market supports household spending, although pay growth is still slowing.

Wages are up by 6.2% from a year ago, above long-term pace but still the lowest growth since November 2021.