ADP Reports August Saw Weakest Job Growth Since January, Wage Growth Dips

ADP Reports August Saw Weakest Job Growth Since January, Wage Growth Dips Following a weak JOLTS report (and mixed manufacturing PMI employment reports), ADP was expected to report a modest 47k increase in American jobs in August. It disappointed with only 37K jobs added in August (while July's 44k addition was revised up modestly to 46k)... This is the weakest monthly addition since January. Goods Producers shed jobs at the fastest pace since October... Manufacturing, professional services, and information shed jobs. Education and health care, construction, and leisure and hospitality all showed solid hiring. Base Pay growth for job-stayers was unchanged at 3 percent, while pay growth for job-changers edged...

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