Below expectations (Il Sole 24 Ore Radiocor) - Washington, 05 Sep - The US private sector gained 99,000 jobs in August compared with the previous month, according to business outsourcing group ADP's Monthly Employment Report.

Economists were expecting some 144,000 new private sector jobs to be gained.

'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.' The data showed 9,000 jobs lost at small firms, 68,000 gained at mid-sized firms and 42,000 gained at large businesses.

The survey showed that 72,000 jobs were gained in the service-providing sector and 27,000 gained in the goods-providing sector.

The overall reading for July was revised to show 111,000 job creations rather that the 122,000 job creations previously estimated.

AAA-Sje

(RADIOCOR) 05-09-24 14:46:06 (0390) 5 NNNN