Group 1 - The core point of the article is that the U.S. private sector added 104,000 jobs in July, exceeding economists' expectations but still significantly lower than the average level from the previous year [1][3][8] - The job growth was primarily driven by a recovery in the service sector, with leisure, hospitality, and financial activities showing the most significant employment increases [4][8] - Despite the positive job growth, employers are becoming more cautious in hiring decisions due to increasing economic uncertainty surrounding Trump's policies [1][8] Group 2 - The ADP report indicates that the annual salary growth rate for employees remaining in the same position is at 4.4%, the lowest since May 2021, while job switchers experience a higher growth rate of 7.0% [7] - Initial claims for unemployment benefits remain low, but the duration for unemployed workers to find new jobs is increasing, indicating a potential slowdown in the labor market [5][8] - Following the data release, the U.S. dollar index rose by approximately 10 points, and U.S. stock futures showed minimal fluctuations, with the Nasdaq 100 futures maintaining a gain of about 0.2% [5][9]

Core Insights - The private sector in the U.S. added 104,000 jobs in July, exceeding economists' expectations but still significantly lower than the average level from the previous year [1][3][7] - Employers are becoming more cautious in hiring decisions due to increasing economic uncertainty surrounding Trump’s policies, leading to a generally weak demand in the labor market [1][7] Employment Data - The ADP report indicates that the increase of 104,000 jobs in July was above the expected 76,000 and a recovery from a previous loss of 33,000 jobs [3] - The growth in employment is primarily driven by the recovery in the service sector, with leisure, hospitality, and financial activities showing the most significant job growth [4] - However, the education and health sectors have experienced a net loss in jobs so far this year [4] Wage Trends - The year-over-year salary growth for employees remaining in the same position was 4.4%, the lowest rate since May 2021, while job switchers saw a 7.0% increase [6] Market Reaction - Following the employment data release, the U.S. dollar index rose approximately 10 points, while U.S. stock futures showed minimal fluctuations, with the Nasdaq 100 futures maintaining a 0.2% increase [8]