Financial News: U.S. Private Sector Employment Climbs Much Less Than

U.S. Private Sector Employment Climbs Much Less Than Expected In August

09/05/2024 - 08:22:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Thursday showed private sector employment in the U.S. increased by much less than expected in the month of August.

ADP said private sector employment rose by 99,000 jobs in August after climbing by a downwardly revised 111,000 jobs in July.

Economists had expected private sector employment to jump by 145,000 jobs compared to the addition of 122,000 jobs originally reported for the previous month.

"The job market's downward drift brought us to slower-than-normal hiring after two years of outsized growth," said ADP chief economist Nela Richardson. "The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown."

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