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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology US economy adds private jobs but at lackluster pace AFP - Thursday, August 5 Send IM Story Print US economy adds private jobs but at lackluster pace WASHINGTON (AFP) - – The US economy created more private jobs than expected in July but hiring has not been rapid enough to ease a severe jobless rate stifling recovery, payrolls firm ADP said Wednesday. Some 42,000 private-sector jobs were created following a revised June number of 19,000, ADP said ahead of a key government report Friday that is expected to show unemployment already at 9.5 percent ticking up. Most economists had expected 25,000 private jobs to be established in July, the sixth consecutive monthly increase in hirings. But ADP warned that the private job increases so far this year had averaged a modest 37,000, "with no evidence of acceleration," as economic growth from a brutal recession threatens to stall with unemployment dampening consumer spending, a key growth machine. The government will release the July employment report on Friday with most economists expecting non-farm payrolls to fall by 87,000 in July and the unemployment rate to edge up to 9.6 percent. The ADP survey tracks only private-sector jobs, while the Labor Department's nonfarm payroll data, include government workers. The private sector is forecast to have created about 82,500 jobs in July but government employment is believed to have fallen 169,500 as more temporary jobs disappeared -- the reason why economists expect the Friday report to be weak. Temporary hiring for a government population census had peaked in May and "for this reason, Friday's figure... might be weaker than today's estimate for nonfarm private employment" in the ADP report, the payrolls firm said. The ADP report gave a mixed picture of the jobs situation but the numbers were hardly encouraging, considering the 8.5 million jobs lost since the recession struck in December 2007. It estimated private employment in the service-providing sector rose by 63,000 in July while that in the goods-producing sector declined 21,000. Hiring in the manufacturing sector also decreased 6,000, the first slide in six months. Large businesses, defined as those with 500 or more workers, saw employment remain flat. Hirings among medium- and small-size businesses increased by 21,000 each while employment in the financial services sector, which has declined for more than three years, dropped 1,000, the smallest decline since June 2007. "Todays report showed another limited rise in private employment in July, which is hardly good news for the US economy," said economist Thomas Julian with Natixis. Furthermore, he said, the goods-producing sector "kept on destroying employment, while the manufacturing sector returned in negative territory, which is consistent with a slowdown in the industrial activity," he said. "If ADP has it right, we are not likely to find a whole lot of reasons to be exuberant about the job market when the employment report is released on Friday," said economist Joel Naroff with Naroff Economic Advisors. Layoffs seem to be rising, according to placement firm Challenger, Gray and Christmas on Wednesday. Employers announced 41,676 planned job cuts last month, up from 39,358 in June. Still, some analysts remain optimistic as ADP had undershot the Labor Department's monthly tallies of private job creation by an average of 82,000 this year. "If that margin holds for July, the government will report that private employment rose by 124,000, slightly higher than our forecast," said Ryan Sweet, a senior economist with Moody's Economy.com. 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