US Private Sector Employment Falls Short of Expectations in August
Increasing by 38,000 people in August, US private sector employment dropped to its weakest level in the last nine months, falling below market expectations.
The National Employment Report for August was released in the US, showing that private sector employment increased by 38,000 to record its lowest level in the past nine months.
August Employment Data
The National Employment Report for August, prepared by the ADP Research Institute in cooperation with the Stanford Digital Economy Lab, has been published. Accordingly, private sector employment in the US increased by 38,000 people in August.
Market Expectations and Revisions
Market expectations were for private sector employment to increase by 48,000 during this period. Meanwhile, the data regarding the increase in private sector employment in July was revised from 44,000 to 46,000.
Sectoral Distribution Details
During the period in question, employment in the service sector increased by 48,000 people, while employment in the goods-producing sector decreased by 10,000 people.
Wage Increases and Expert Evaluations
According to ADP data calculated using payroll information from more than 26 million private sector employees in the US, annual wage growth in August was 4.4 percent for employees who stayed in their jobs and 7.3 percent for job changers. ADP Research Institute Chief Economist Nela Richardson stated that wages could provide clues about volatile hiring processes.