The non-farm private sector gained 99,000 jobs in August, according to the ADP National Employment Report. This follows a downward revision to 111,000 jobs in July from 122,000.
Small businesses with fewer than 50 employees lost 9,000 jobs. Medium-sized businesses with 50-499 employees gained 68,000 jobs while large businesses gained 42,000.
“The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized growth,” said Nela Richardson, chief economist, ADP. “The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown.”
Service-providing employment gained 72,000 jobs driven by gains in education/health services 29,000 followed by other services which grew by 20,000.
Goods producing-employment gained 27,000 jobs. Construction gained 27,000 jobs while manufacturing lost 8,000 jobs.
Read the ADP report.
