ADP August employment +99K vs +145K expected ...Middle East

This is the lowest reading since January 2021, albeit barely.Prior was +122K (revised to +111K)Annual pay growth for job-stayers 4.8% vs 4.8% priorJob-changers' pay gains 7.3% vs 7.2% priorService-providing sector added 72K jobs, goods-producing sector up 27KConstruction (+27K) and education/health services (+29K) led gainsProfessional/business services saw largest decline (-16K)The evidence is beginning to mount that the US jobs market is cooling. Here's a reminder of what Powell said at Jackson Hole.“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 gr

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