Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by much less than expected in the month of August.
ADP said private sector employment rose by 132,000 jobs in August after jumping by nearly 270,000 jobs in July. Economists had expected employment to surge by 288,000 jobs.
“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 chief economist Nela Richardson. “We could be at an inflection point, from super-charged job gains to something more normal.”
ADP suspended its jobs report for June and July as the firm revamped its methodology and entered into a partnership with the Stanford Digital Economy Lab.
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