Private sector added 54,000 jobs in August, below expectations, ADP says

Companies in the private sector added 54,000 jobs in August, payroll processing firm ADP said Thursday. The figure is below economists’ estimates of a gain of 65,000 jobs and down sharply from the prior month’s reading of 104,000. "The year started with strong job growth, but that momentum has been whipsawed by uncertainty," said Nela Richardson, ADP's chief economist. "A variety of things could explain the hiring slowdown, including labor shortages, skittish consumers, and AI disruptions." SALESFORCE CUTS 4,000 JOBS DUE TO AI, CEO SAYS Leisure and hospitality added 50,000 positions, leading job creation in August. Construction added 16,000 jobs, professional and business services added 15,000 and information contributed 7,000. Natural resources and mining added 4,000 positions while other services added 1,000 jobs. FED'S FAVORED INFLATION GAUGE SHOWS CONSUMER PRICE PRESSURES REMAINED ELEVATED IN JULY On the negative side, trade, transportation and utilities lost 17,000 jobs during the month, while education and health services lost 12,000 positions. Manufacturing lost 7,000 jobs and financial activities lost 2,000.