August Job Growth Lower Than Expected

A Fox Business article

Companies in the private sector added 38,000 jobs in August, payroll processing firm ADP said in its latest report on Wednesday.

The figure is below economists’ estimates of a gain of 48,000 jobs and down from the prior month's revised 46,000 payrolls. August's figure is the lowest since January.

"Pay can tell us a lot about today's choppy hiring," said Nela Richardson, ADP's chief economist. "To understand hiring patterns, you have to look deeply into where pay growth is accelerating, where it's slowing, and for whom. Once-predictable wage growth has been overtaken by the complexities of demographic change, persistent inflation, and AI's effects on jobs."

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