by Calculated Risk on 9/05/2024 08:15:00 AM

From ADP: ADP National Employment Report: Private Sector Employment Increased by 99,000 Jobs in August; Annual Pay was Up 4.8%

Private sector employment increased by 99,000 jobs in August and annual pay was up 4.8 percent year-over-year, according to the July ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). ...

“The job market's downward drift brought us to slower-than-normal hiring after two years of outsized growth,” said Nela Richardson, chief economist, ADP. “The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown.”
emphasis added

This was below the consensus forecast of 144,000. The BLS report will be released Friday, and the consensus is for 164,000 non-farm payroll jobs added in August.