Private sector employers added 38,000 jobs in August, payroll giant ADP
The service-providing sector added 48,000 jobs in August, but there were declines in some sectors, including professional and business services, which shed 16,000 jobs, and information services, which lost 4,000 jobs. But those were offset by gains of 45,000 jobs in education and health services, 6,000 in financial activities, and 18,000 in leisure and hospitality.
"The majority of the losses came from the highest-skilled jobs in the tech sector," said ADP chief economist Nela Richardson."There was less of a decline in more administrative and support roles. This was a hard month for white-collar jobs in that sector."
Small businesses with between one and 19 employees gained 20,000 jobs, while those with 20 to 49 employees lost 17,000 jobs in August. Medium establishments with between 50 and 249 employees added 2,000 jobs, but those with between 250 and 499 employees lost 2,000. Large establishments with 500 employees or more added 34,000 jobs in August.
ADP slightly revised upward the job numbers for August, from 44,000 to 46,000 jobs added.
The company's new
"What we're seeing is that after the Great Resignation, where the bottom quartile saw their wages surge, we're seeing a return to a more stable base pay growth rate that is actually lower than it was before the pandemic," said Richardson.
