WASHINGTON -Private sector hiring in the United States slowed more than expected in August, according to data from payroll firm ADP on Wednesday, as a boom from the leisure and hospitality sectors faded.
This comes as both segments, which are key drivers of summer hiring, slow into the later part of the year while policymakers keep a close eye on labor market strength as they weigh further interest rate decisions.
Job growth came in at 177,000 this month, sharply below July’s 371,000 figure which was revised upwards, said ADP in its latest report.
“This month’s numbers are consistent with the pace of job creation before the pandemic,” said ADP chief economist Nela Richardson.
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Keep on reading: US private hiring cools as leisure and hospitality boom fades
