August Job Growth in U.S. Falls Below Expectations, ADP Reports
U.S. job growth slowed more than expected in August, with private employers adding only 177,000 jobs, well below the revised total of 371,000 jobs added in July, according to ADP. The report suggests that the resilient U.S. economy may be starting to ease under pressure from higher interest rates. Pay growth also slowed for workers who changed jobs and those who stayed in their current positions. The weaker-than-expected report comes as investors and economists are divided on whether inflation can continue to trend down without a significant economic slowdown. The Department of Labor's jobs report is due out on Friday.