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ADP’s U.S. Job Data Misses Estimates, Signaling New Virus Drag

  • June payrolls gain revised up almost 2 million to 4.3 million
  • Job growth in leisure, hospitality industry slowed sharply
Commuters exit from a subway station during morning rush hour in New York.
Commuters exit from a subway station during morning rush hour in New York.Photographer: Gabby Jones/Bloomberg
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Payroll gains at U.S. companies slowed sharply in July, suggesting the pickup in coronavirus cases is putting the brakes on the job market and the economic recovery.

The 167,000 in business payrolls last month followed an upwardly revised 4.31 million increase in June, according to ADP Research Institute data released Wednesday. The July increase trailed all estimates in a Bloomberg survey of economists which had a median projection of 1.2 million. June payrolls were previously reported as rising 2.4 million.