ADP Says Private Payroll Growth Slowed to 132,000 in August
2022.08.31 15:38
By Geoffrey Smith
Investing.com — The pace of hiring in the U.S. private sector slowed markedly in August as an overheated labor market started to cool, according to payrolls processor ADP.
The company said in a revamped version of its monthly report that private-sector payrolls rose by 132,000 through the month, well short of a consensus forecast of 288,000.
“Our data suggests a recent shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals.” ADP chief economist Nela Richardson said in a statement. “We could be at an inflection point, from super-charged job gains to something more normal.”
ADP had suspended the publication of its monthly hiring survey earlier this year after signs of increasing divergence with the Labor Department’s official data, which are usually released two days later. Analysts expect nonfarm payrolls to have risen by 300,000 through the middle of August, which would also signify a clear slowdown in the pace of hiring from July, albeit not as sharp as suggested by ADP’s numbers.
