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ADP shows employers added 177,000 jobs in August: Why lower than expected?
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💡Summary: U.S. private payrolls rose by less than expected in August, in the latest sign of a slowdown in the U.S. labor market that coul Show More
💡Summary:
U.S. private payrolls rose by less than expected in August, in the latest sign of a slowdown in the U.S. labor market that could bolster the case for the Federal Reserve to leave interest rates steady at its next policy meeting.
The number was below estimates of 195,000 and down from the 324,000 reported in July.
US Second-quarter GDP growth revised down to 2.1%. Corporate profits rebound in Q2; down year-on-year.

Employers added 177,000 jobs in August as the leisure and hospitality sector pulled back sharply from its recent hiring surge, private payroll firm ADP reported on Wednesday. The hospitality industry cooled significantly, adding only 30,000 jobs. Education and health services, laggards during the pandemic, added 52,000 while employment in trade, transportation, and utilities increased by 45,000. Wages, meanwhile, rose at an annual rate of 5.9%, the slowest pace since September of 2021.
The Fed meets in late September to consider interest rate policy, with most analysts expecting no change, although there is an expectation the Fed could lift rates again in November if the economic data remains too strong.

🎙️Q:
1. Are you feeling the pressure of employment right now?
2. Do you have confidence in economic growth?

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