Private salary job growth slowed markedly in August, suggesting companies are pulling back on hiring amid growing fears of an economic slowdown, according to the ADP National Employment Report released Wednesday morning.
Businesses added just 132,000 jobs last month, sorely missing the 288,000 gain that economists surveyed by Refinitiv had predicted.
“Our data suggest a shift toward a more conservative hiring pace, possibly as companies try to decipher the economy̵[ads1]7;s conflicting signals,” ADP chief economist Nela Richardson said. “We may be at an inflection point, from supercharged job gains to something more normal.”
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