Companies in the private sector added 54,000 jobs in August, payroll processing firm ADP said Thursday.
The figure is below economists’ estimates of a gain of 65,000 jobs and down sharply from the prior month’s reading of 104,000.
“The year started with strong job growth, but that momentum has been whipsawed by uncertainty,” said Nela Richardson, ADP’s chief economist. “A variety of things could explain the hiring slowdown, including labor shortages, skittish consumers, and AI disruptions.”
Leisure and hospitality added 50,000 positions, leading job creation in August. Construction added 16,000 jobs, professional and business services added 15,000 and information contributed 7,000.
This is a breaking news story. Please check back for updates.
Read the full article here
