US Jobs News: Private Sector Sees 104K Increase

The US private sector has shown a significant improvement, with a 104,000 job increase in July, exceeding expectations and reversing the decline in the previous month. This growth is a positive sign for the economy and the dollar, contributing to its upward momentum. The ADP report reveals growth across all sectors, except for health services, which declined by 38,000 jobs.

The report is based on anonymized weekly payroll data of over 25 million private-sector employees in the US. Hiring gains were led by services, except for education and health, which has posted a net loss of jobs so far this year. The median change in annual pay for job-stayers was 4.4%, while job-changers saw a 7% increase. This increase in jobs and pay is a welcome sign for the economy, which has been impacted by the COVID-19 pandemic.

The growth in private sector employment is also supported by solid data releases, including a firm flash Q2 GDP figure. The dollar's strength is also affecting other currencies, such as the British Pound, which regained some ground, and Gold, whose price fell to $3,320. The Canadian Dollar remains positive against the US Dollar, with the Fed under scrutiny for its decision to delay rate cuts.

The improvement in the private sector is a positive sign for the US economy, and the growth in jobs and pay is expected to continue. However, the Fed's decision on interest rates and comments could either reinforce or disrupt the dollar's recovery trend. As the pandemic continues to evolve, it is likely that the demand for online mental health resources will continue to grow, and mental health professionals and online therapy platforms will need to continue to adapt and innovate to meet the changing needs of the population.