US Private Payrolls Show Smallest Gain in Six Months, Jobless Claims Tick Up

US private payrolls (ADP) increased by only 44,000 in July, marking the smallest gain in six months and falling below the 70,000 forecast, ahead of the crucial non-farm payrolls report due on Friday. Concurrently, initial jobless claims for the week ended August 1st inched up to 199,000, an increase of 1,000 from the previous week's revised level, suggesting a potential softening in the US labor market.