Job Growth Slowed for Second Straight Month in August Missing Expectations
Signaling the continued slowing of the U.S. economy, employers reduced the number of jobs they offered by 50% in August following a similar reduction from June to July.
Private employers created 132,000 jobs in August, a step down from the month before, when the economy created nearly 270,000 jobs. Payroll growth also slowed in July when compared to June of this year. Wall Street had expected 300,000 new jobs for August.
“Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said Nela Richardson, chief economist, ADP. “We could be at an inflection point.”
ADP’s report also revealed increased inflationary pressure as wages surged 7.6% year-over-year.
The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
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