Private payrolls grew by just 132,000 in August, ADP says in reworked jobs report
Companies sharply slowed the pace of hiring in August amid growing fears of an economic slowdown, according to payroll processing company ADP.
Private payrolls grew by just 132,000 for the month, a deceleration from the 268,000 gain in July, the firm said in its monthly payroll report.
268,000 gain in July, the firm said in its monthly payroll report.
The Dow Jones estimate for the ADP count was 300,000.
“Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said ADP’s chief economist, Nela Richardson. “We could be at an inflection point, from super-charged job gains to something more normal.”
“Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said ADP’s chief economist, Nela Richardson. “We could be at an inflection point, from super-charged job gains to something more normal.”
But there were declines in a few industries. These included financial activities (down by 20,000), educational and health services (down by 15,000), and professional and business services (down by 15,000. (-14,000).