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2022-08-31

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Private Payrolls Grew By Just 132,000 in August, ADP Says in Reworked Jobs Report

Companies sharply slowed the pace of hiring in August amid growing fears of an economic slowdown, ac

Private Payrolls Grew By Just 132,000 in August, ADP Says in Reworked Jobs Report

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The report had been on public hiatus through the latter part of the summer as the firm adjusted methodology and entered into a partnership with the Stanford Digital Economy Lab.</p><p>&#34;Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy&#39;s conflicting signals,&#34; said ADP chief economist Nela Richardson. &#34;We could be at an inflection point, from super-charged job gains to something more normal.&#34;</p><p>August payroll numbers are notoriously volatile. ADP&#39;s release also comes at an uncertain time for a U.S. economy which saw negative growth for the first half of 2023 amid the highest inflation the nation has seen since the early 1980s. The more closely watched nonfarm payrolls report from the Bureau of Labor Statistics comes out Friday and is expected to show an increase of 318,000.</p><p>In addition to the changes in the way the jobs total is counted, ADP now is providing wage information. 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The report had been on public hiatus through the latter part of the summer as the firm adjusted methodology and entered into a partnership with the Stanford Digital Economy Lab.\"Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy's conflicting signals,\" said ADP chief economist Nela Richardson. \"We could be at an inflection point, from super-charged job gains to something more normal.\"August payroll numbers are notoriously volatile. ADP's release also comes at an uncertain time for a U.S. economy which saw negative growth for the first half of 2023 amid the highest inflation the nation has seen since the early 1980s. The more closely watched nonfarm payrolls report from the Bureau of Labor Statistics comes out Friday and is expected to show an increase of 318,000.In addition to the changes in the way the jobs total is counted, ADP now is providing wage information. 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