August Job Numbers Disappoint
The U.S. job market displayed a sluggish performance in August, hinting at potential economic pressure stemming from heightened interest rates. ADP, the notable payroll firm, revealed that private employers created a mere 177,000 jobs in August. This figure stands in sharp contrast to the revised 371,000 jobs in July and is notably lower than the anticipated 200,000 jobs forecasted by Dow Jones economists.
Wage Growth Stagnates
ADP’s report also shed light on the deceleration in wage growth. Both workers who transitioned between jobs and those who maintained their positions experienced a downturn in their pay growth. The current landscape, according to Nela Richardson, ADP’s chief economist, mirrors the job creation tempo evident pre-pandemic….
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