Private sector employment in the U.S. increased by 54,000 jobs in August, according to the ADP National Employment Report. This figure indicates a hiring slowdown, following a period of stronger job growth earlier in the year.
Annual pay for private sector employees was up 4.4% year-over-year. Dr. Nela Richardson, chief economist at ADP, suggested that factors such as labor shortages, skittish consumers, and AI disruptions could explain the deceleration in hiring.
Despite the broader slowdown, certain sectors performed well, with leisure and hospitality and construction showing resilience. The report provides an independent and high-frequency view of the private-sector labor market, based on anonymized payroll data.
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