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ADP shows US private hiring cooling to 38K in August
The report also said median base pay rose 3.2% year over year, while services hiring and healthcare helped offset losses elsewhere.
US private-sector employment growth slowed further in August, with ADP employment growth easing to 38,000 from a revised 46,000 in July, below the 48,000 consensus and the weakest monthly increase since January, according to Action Forex.
Hiring gains were increasingly narrow, with goods-producing employment falling by 10,000 while services added 48,000. Manufacturing shed 17,000 jobs, and professional and business services declined by 16,000, while trade, transportation and utilities fell by 5,000.
Much of the overall increase came from education and health services, which added 45,000 jobs, and leisure and hospitality, which rose by 16,000. ADP also found hiring was concentrated at large employers, with 34,000 jobs added at large firms versus 3,000 at small firms, and no net growth among medium-sized businesses.
Pay growth continued to cool gradually rather than drop sharply, with median base pay up 3.2% year over year and gross pay up 4.7%. For job-stayers, base pay rose 3.0%, while job-changers saw base pay increase of 4.7%, and ADP said pay growth has been decelerating for the past four years.