(Kitco News) - The U.S. labor market shows signs of cooling as the U.S. economy sees disappointing gain in private-sector jobs in August, according to private payrolls processor ADP.
- The U.S. labor market shows signs of cooling as the U.S. economy sees disappointing gains in private-sector jobs in August, according to private payrolls processor ADP.
"This month's numbers are consistent with the pace of job creation before the pandemic. 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," said Nela Richardson, chief economist at ADP, in the report.
Analysts have been watching the labor market closely as it could determine when the U.S. central bank stops raising interest rates. The Federal Reserve has said that it would need to see some slack in the labor market as a condition of ending its current tightening cycle.The report said that employees who stayed in their jobs this past month saw a year-over-year wage increase of 5.9%; at the same time, workers who changed jobs saw their wages increase 9.5% from last year.
The report noted that the lackluster job growth last month was led by the leisure/hospitality sector, which saw job gains of only 30,000. In comparison, this segment of the economy saw job gains of 200,000 in July.
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