ADP says businesses added the fewest new jobs in six months. A summer slowdown in hiring?
AI disclosure
Summary
ADP said U.S. businesses created just 44,000 new jobs in July — the smallest increase in six months — in another sign of a sluggish labor market in which hiring is unusually soft.
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My seventh conversation with @GavinSBaker.
— Patrick OShaughnessy (@patrick_oshag) August 4, 2026
It's about the gap between what the market is doing and what companies are seeing. It's been a tough month or so for public AI names, but there's no sign of a slowdown on the ground in Silicon Valley.
We discuss:
- Why old GPUs are… pic.twitter.com/lS1lL4clcU