Hiring by private U.S. companies cooled sharply in August, indicating that the labor market is beginning to soften as a result of higher interest rates.
Apollo Global Management chief economist Torsten Slok analyzes the U.S. economy as the Federal Reserve tries to bolster the alleviation of inflation rates, on ‘Barron’s Roundtable.’
Hiring by U.S. companies slowed more than expected in August, pointing to a labor market that is starting to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. last month, below the 195,000 gain that economists surveyed by Refinitiv predicted. That is also much lower than the revised 371,000 increase recorded in July. Attendees at a career fair at a community college in Bolivia, North Carolina, US, on Thursday, April 20, 2023.
The weaker-than-expected report comes in the wake of an aggressive tightening campaign by the Federal Reserve, which has hiked rates to the highest level since 2001. Chair Jerome Powell signaled last week that additional rate increases may be on the table as policymakers assess whether high inflation has retreated for good., wages continued to moderate in August. Annual pay rose 5.9% last month, the slowest growth since October 2021, according to the report.
"This month's numbers are consistent with the pace of job creation before the pandemic," said Nela Richardson, ADP's chief economist. "After two years of exceptional gains tied to the recovery, we're moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede.
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