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ADP report: The median annualized wage growth rate for financial services employment was 5.2% in July, compared with 5.1% in June.
ADP report: The median annual growth rate of wages for manufacturing jobs was 5% in July, compared with 4.9% in June.
ADP report: The median annualized wage growth rate for professional/business services employees was 4.1% in July, the same as in June.
ADP report: The median annualized wage growth rate for construction workers was 4.5% in July, compared with 4.6% in June.
ADP report: The median annualized wage growth rate for trade/transportation/utilities employment was 4.4% in July, unchanged from June.
ADP report: Salary growth accelerated for job changers in July. Last month, salary increases for retained employees remained at 4.4%, while salary growth for job changers rose to 7%, the largest year-over-year increase since August 2025.
ADP report: Financial services employment increased by 10,000 in July, compared with 14,000 in June.
According to Business Insider, Google (GOOG.O) is in talks with Mechanize, an AI programming agent startup, for a deal worth more than $1.5 billion.
ADP report: Manufacturing employment increased by 2,000 in July, compared with 5,000 in June.
ADP report: Professional/business services employment increased by 9,000 in July, compared with 2,000 in June.
ADP report: Construction employment increased by 1,000 in July, compared with 2,000 in June.
ADP report: Trade/transportation/utilities employment fell by 8,000 in July, compared with an increase of 15,000 in June.
ADP Chief Economist Nela Richardson: Job seekers are highly sensitive to real-time economic conditions, and their rapid wage growth suggests supply constraints in parts of the labor market. Meanwhile, typical hiring patterns are changing as employers respond to changes in the macroeconomic environment.
U.S. ADP employment figures for July were 44,000, below the expected 70,000 and the previous month's 98,000.
Federal Reserve's Kashkari: I am open to discussion and do not have strong personal opinions.
Federal Reserve's Kashkari: It is valuable to continue the tradition of explaining the Fed's response mechanism.
Federal Reserve's Kashkari: I don't believe there is a fixed number of meetings.
Federal Reserve's Kashkari: Clearly defining the Fed's response mechanism is beneficial to market participants.
Federal Reserve's Kashkari: Does not call for a significant interest rate hike.
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