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ADP: U.S. Companies Added 114,000 Jobs

Companies in the U.S. added 114,000 workers to payrolls in July, according to a private survey.

The increase followed a revised 145,000 gain the prior month, according to data from ADP Employer Services. The median forecast of economists surveyed by Bloomberg News called for an advance of 100,000.

A slowdown in hiring means consumers are unlikely to boost the spending that fuels 70 percent of the economy, raising the risk the recovery may stumble. A Labor Department report in two days is projected to show businesses added 115,000 jobs in July, according to the median forecast of economists surveyed by Bloomberg.

“Payrolls hit a soft patch in the second quarter and incoming evidence in July suggest payroll growth remains subdued,” said John Herrmann, senior-fixed income strategist at State Street Global Markets in Boston. “In the current quarter, there has been no letup to risk” for the economy.

http://www.bloomberg.com/news/2011-08-03/companies-in-u-s-added-more-than-estimated-
114-000-jobs-in-july-adp-says.html

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