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U.S. Private Sector Jobs Fall Short of Expectations

Companies stateside added 178,000 jobs in July on a surge in service-related occupations and despite a decrease in manufacturing jobs south of the border.

The figure released Wednesday by ADP and Moody's Analytics, was just shy of Wall Street expectations of 185,000.

As the economy inches closer to full employment, the report showed that job growth continues but is slowing somewhat. The July count was the second-lowest of 2017.

In addition to the job growth for July, the June number was revised sharply higher, going from the initially reported 158,000 all the way up to 191,000.

Service-oriented industries — a broad category that includes most everything but mining, manufacturing and construction — swelled by 174,000, with professional and business services contributing 65,000.

Education and health services added 43,000, the trade/transportation/utilities sector grew by 24,000 and leisure and hospitality rose 15,000.

Elsewhere, construction increased by 6,000 and mining grew 3,000, but manufacturing positions declined by 4,000.

The numbers come two days ahead of the closely watched non-farm payrolls report the government issues each month. Economists are expecting the report to show total job growth of 180,000, with the unemployment notching down to 4.3%