U.S. job creation slowed more than expected in August, according to an ADP report, suggesting that the resilient U.S. economy is starting to decline under pressure from rising interest rates.
Private sector employers added 177,000 jobs in August, well below the revised total of 371,000 jobs added in July. According to ADP, wage growth has slowed for workers who have changed jobs and those who remain in their current positions. This month's figures are consistent with the pace of job creation before the pandemic. After two years of extraordinary gains associated with the recovery, there is a trend towards more sustainable wage and employment growth as the economic effects of the pandemic fade.
Source (Al Khaleej Newspaper, Edited)
