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05.09.2024

U.S. private employers add 99,000 jobs in August - ADP

The employment report issued by Automatic Data Processing Inc. (ADP) and Moody's Analytics revealed that U.S. private employers added 99,000 jobs in August. This was the lowest number since January 2021 (+9,000). 

Economists had forecast an addition of 145,000 new jobs for August.

Meanwhile, the July figure saw a downward revision to 111,000 from the originally reported 122,000.

According to the report, the August job gain was supported by education and health services (+29,000), construction (+27,000), other services (+20,000), financial activities (+18,000), trade, transportation and utilities (+14,000), leisure and hospitality (+11,000), and natural resources and mining (+8,000). At the same time, professional and business services (-16,000), manufacturing (-8,000) and information (-4,000) shed jobs last month.

The report also showed that annual pay increases were flat in August, remaining at 4.8 per cent y-o-y for job-stayers and 7.3 per cent y-o-y for job-changers.

Commenting on the latest report, Nela Richardson, ADP’s chief economist, noted that the job market's downward drift led to slower-than-normal hiring after two years of outsized growth. “The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown,” she added.

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