The U.S. labor market continues its resilience in July with U.S. employers adding 187,000 workers in July, lower than expected. The ADP Employment Report for July (actual 324,000; consensus 190,000) released a day ahead of the BLS employment report. The ISM services employment index rose to 50.7 vs 53.1 prior. Expectations ranged between +140K and +300K nonfarm payroll jobs added, with a consensus estimate for 200K. June’s employment gain was revised down by 25,000, from +306,000 to +281,000.