Financial News: U.S. Private Sector Job Growth In August Slowest

U.S. Private Sector Job Growth In August Slowest Since January 2021

09/05/2024 - 09:22:00 (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 smaller than expected increase in private sector employment in August reflected the slowest pace of job growth since January 2021.

The report said employment in the service-providing sector climbed by 72,000 jobs in August, while employment in the goods-producer sector rose by 27,000 jobs.

"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."

ADP said year-over-year pay gains were flat in August, remaining at 4.8 percent for job-stayers and 7.3 percent for job-changers.

On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of August, which includes both public and private sector jobs.

Economists currently expected employment to climb by 160,000 jobs in August after rising by 114,000 jobs in July.

The unemployment rate is expected to edge down to 4.2 percent in August after rising to 4.3 percent in July, reaching its highest level since October 2021.

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