This statement means that in July, the number of private jobs increased by 122,000 according to the data from the ADP National Employment Report. This is less than what was anticipated or predicted by economists and experts. The slowed growth could be due to various reasons such as economic conditions, market uncertainties, or other influencing factors. The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
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