Private Sector Adds Fewer Jobs Than Expected in August
ADP reported that private-sector employers added only 38,000 jobs in August, below the expected 47,000. The data suggests a slowdown in hiring activity despite a slight upward revision of July's job gains to 46,000. The education and healthcare sectors led new hires, while manufacturing and business services saw declines. Wages for those who switched jobs rose by 4.7% year-over-year compared to 3% for those remaining in the same role. ADP’s chief economist noted that job switching still offers wage growth opportunities despite a subdued labor market. The Labor Department will release its broader employment report on Friday, with economists expecting around 55,000 total jobs added across both public and private sectors.
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Topics: ADP data economic growth jobs report