U.S. job creation slowed more than expected in August, according to ADP, a sign that the surprisingly resilient U.S. economy may be starting to ease under pressure from interest rates. higher interest.
The firm reported on Wednesday that private employers added 177,000 jobs in August, well below the revised total of 371,000 added in July. Economists polled by Dow Jones expected 200,000 jobs added in August.
ADP also reported that wage growth slowed for workers who changed jobs and those who remained in their current positions.
“This month’s numbers are consistent with the pace of job creation before the pandemic,” Nela Richardson, ADP’s chief economist, said in a press release. “After two years of exceptional gains linked to the recovery, we are moving towards more sustainable wage and employment growth as the economic effects of the pandemic recede.”
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