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(ABM FN-Dow Jones) Private sector employment in the United States rose less than expected in August, but the figure was revised up significantly in July. That’s according to data from payroll processor ADP on Wednesday.
The number of jobs increased by 177,000 in August after a gain of 371,000 in July. For starters, it reported an increase of 324,000 jobs in July.
Economists had expected an increase of 200,000 jobs in August.
Wages rose 5.9 percent year-over-year in August, up from 6.2 percent a month earlier, the report said.
“This month’s numbers are consistent with the rate of growth seen before the pandemic,” ADP Chief Economist Nela Richardson said in a statement. After two years of exceptional growth, job growth is now normalizing, Richardson added.
Source: ABM Financial News
ABM Financial News is a supplier of stock market news, video and data, real-time trading platforms and dealing rooms, and online and offline media publications. The information in this article does not constitute professional investment advice or a recommendation to make specific investments.
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