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US: ADP jobs data misses estimates

The U.S. private sector continued to add jobs in August, although it slowed markedly from the previous month, according to data from research institute ADP.

Specifically, jobs rose by 132,000 in August after July’s rise of 270,000, missing analysts’ estimates of about 300,000 jobs.

“Our data points to a shift to a more conservative pace of hiring, possibly as US businesses try to decipher the conflicting data from the economy,” ADP chief economist Nela Richardson commented.

The institute had suspended the June and July readings to review its methodology. The report is now co-authored with the Stanford Digital Economy Lab and includes a measure of wage trends which showed an annual increase of 7.6% for August.

The ADP figures come just ahead of the government’s report on total public and private sector employment due on Friday. Government data is expected to show the economy added 300,000 jobs in August from 471,000 in July, according to a Reuters poll of analysts.

Source: Capital

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