U.S. Private Sector Hiring Eased Considerably in August, ADP Says
30 Agosto 2023 - 10:13AM
Dow Jones News
By Joshua Kirby
Hiring among U.S. private-sector employers slowed more than
expected in August and wage growth eased to its lowest level in
nearly two years, pointing to an increasingly cool labor
market.
Employment in the nonfarm private sector increased by 177,000
jobs, easing from the 371,000 jobs added in July, according to data
from the ADP National Employment Report released Wednesday.
Economists polled by The Wall Street Journal had expected an
increase of 200,000 jobs.
July's figure was revised upward from a previous estimate of
324,000 jobs added.
Annual wage growth stood at 5.9% in August from 6.2% in July,
reaching the lowest rate of growth since October 2021, according to
the ADP survey. All 50 states plus Washington, D.C., recorded
slower growth in wages, ADP said. Pay data is based on the salaries
of almost 10 million individual employees over a 12-month
period.
"After two years of exceptional gains tied to the recovery,
we're moving toward more sustainable growth in pay and employment
as the economic effects of the pandemic recede," said Nela
Richardson, the ADP's chief economist.
The slower pace of job creation was largely down to an easing of
hiring in the leisure and hospitality sector, which added just
30,000 jobs in August compared with more than 200,000 the previous
month.
Small and medium-sized businesses added 18,000 and 79,000 jobs,
respectively, while large businesses added 83,000, the survey
showed.
By region, the most jobs were gained in the South, with 119,000,
and the Northeast, with 59,000. The Midwest lost 15,000 jobs, by
contrast.
Goods producers added 23,000 jobs, with 6,000 new payrolls in
construction and 5,000 in natural resources and mining.
Manufacturing jobs increased by 12,000.
The ADP estimate is based on aggregated payroll data of more
than 25 million U.S. workers and is independent from U.S. Labor
Department official data. The ADP series can diverge considerably
from the Labor Department's data.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
August 30, 2023 08:58 ET (12:58 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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