Private payrolls rose by 177,000 in August, down from a revised 371,000 in the prior month, according to the payroll services firm ADP on Wednesday.
Economists polled by The Wall Street Journal had forecast a gain of 200,000 private sector jobs in August.Key details: The slowdown in job growth was driven by leisure and hospitality. Job creation in hotels and restaurants fell to 30,000 in August.Large firms added the most workers in August. Small firms only added 18,000 jobs.
Big picture: The softness of the report adds a sense that the economy is slowing a bit, something that Federal Reserve officials would welcome.
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