Jobs
US Companies Add Fewest Jobs Since Early 2021, New ADP Data Show
- Increase in private payrolls was smallest since start of 2021
- Pay gain for job switchers more than twice that for stayers
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US companies increased headcount at a relatively sluggish pace in August, according to a revamped private report that suggests hiring is downshifting in an economy buffeted by high inflation and rising interest rates.
Businesses’ payrolls rose 132,000 this month, the smallest gain since the start of 2021, after a nearly 270,000 increase in July, according to newly compiled data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The latest report released Wednesday reflects updated methodology and includes historical jobs data on a monthly and weekly basis for the last 12 years.