Hiring Among U.S. Employers Slowed in August -- ADP
31 Agosto 2022 - 10:07AM
Dow Jones News
By Xavier Fontdegloria
U.S. private sector employers added jobs in August, albeit less
than in the previous month, in a sign the labor market cooled amid
slowing economic growth and increasing recession fears.
Employment in the nonfarm private sector rose by 132,000 in
August from 270,000 in July, data from the ADP National Employment
Report showed Wednesday.
Economists polled by The Wall Street Journal expected the ADP
reading to come in at an increase of 300,000.
The ADP estimate is based on aggregated payroll data of more
than 25 million U.S. workers and is independent from the Labor
Department official data. The report's methodology has been
upgraded and developed with the Stanford Digital Economy Lab, and
includes new data on wages. Before the change in methodology, the
ADP series could diverge considerably from the Labor Department's
data.
"Our data suggests a shift toward a more conservative pace of
hiring, possibly as companies try to decipher the economy's
conflicting signals," said Nela Richardson, chief economist at ADP.
"We could be at an inflection point, from super-charged job gains
to something more normal," she said.
Gains in employment focused in large and medium-sized
businesses, which added 54,000 and 53,000 jobs, respectively. Small
businesses also created jobs, but less so than their bigger peers
with 25,000 new payrolls.
By sector, services providers added 110,000 jobs, and 96,000 of
them were created in the leisure and hospitality industry. Other
categories such as financial activities, education and health
services, and professional and business services shed jobs over the
month, the data showed.
The goods-producing industry created 23,000 jobs, of which
21,000 were in construction and 2,000 in natural resources and
mining. Employment in the manufacturing sector remained unchanged,
according to the data.
The report included new pay data, which is based on the salaries
of almost 10 million individual employees over a 12-month
period.
Annual pay was up 7.6% in August, in line with monthly readings
since spring 2022, ADP said. "While the pace of pay increases is
elevated, its growth has flattened," the report said.
The U.S. Department of Labor is expected to release its August
employment report on Friday. Economists polled by The Wall Street
Journal are expecting it to show nonfarm payrolls up by 318,000,
while the unemployment is seen unchanged at 3.5%.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
August 31, 2022 08:52 ET (12:52 GMT)
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