The ADP July jobs report, a precursor to the Bureau of Labor Statistics jobs report due Friday, showed that the nation created just 167,000 new jobs last month, a deep shortfall from what was expected, the CNBC reports.
ADP adjusted the June estimate to 4.3 million from its initial estimate 2.4 million jobs, putting it more in line with the BLS estimate of 4.8 million.
Wall Street anticipates one million new jobs, putting the ADP far short of expectations. It demonstrates the coronavirus is still continuing to have, throttling the US economy as more states reinstate restrictions to stop the spread of infections.
The US lost 20.7 million jobs in April, the worst month on record, according to BLS. In May and June, the economy recovered 7.5 million jobs, meaning there are still 13.2 million people who have lost their jobs. First time unemployment claims have topped one million for twenty consecutive weeks.