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The economy is showing more signs of slowing.
Private sector payrolls missed expectations with companies hiring 99,000 workers in August. The Dow Jones forecast was 140,000.
This was the weakest month for job growth since January of 2021.
Private sector payrolls grew at the weakest pace in more than three-and-a-half years in August, providing yet another sign of a deteriorating labor market, according to ADP.
Companies hired just 99,000 workers for the month, less than the downwardly revised 111,000 in July and below the Dow Jones consensus forecast for 140,000.
August was the weakest month for job growth since January 2021, according to data from the payrolls processing firm.
“The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized growth,” ADP chief economist Nela Richardson said.
On Wednesday, the Labor Department reported job openings were down. This number was also the lowest since January of 2021.
America’s employers posted fewer job openings in July than they had the previous month, a sign that hiring could further cool in the coming months.
The Labor Department reported Wednesday that there were 7.7 million open jobs in July, down from 7.9 million in June and the fewest since January 2021. Openings have fallen steadily this year, from nearly 8.8 million in January.