U.S. private payrolls rise by 122,000 in July, less than estimates

U.S. private payrolls rose by 122,000 in July, less than market estimates, according to a report released Wednesday by a research institute.

The market expectation for the figure was to show an increase of 147,000 jobs.

The figure for June was revised up to a gain of 155,000, from an increase of 150,000, according to a report released by ADP Research Institute.

"With wage growth abating, the labor market is playing along with the Federal Reserve's effort to slow inflation," Nela Richardson, the ADP chief economist, said in a statement. "If inflation goes back up, it won't be because of labor."

Among businesses, small businesses lost 7,000 jobs, while mid-sized and large enterprises experienced gains of approximately 70,000 and 62,000 jobs, respectively.

The trade, transportation and utilities posted the highest gain by adding 61,000 jobs, followed by the construction industry with an increase of 39,000.