Private sector employment in the United States rose by 374,000 in August, sharply undershooting consensus expectations of 613,000, according to Wednesday payrolls data from the Automatic Data Processing (ADP) Research Institute. While differences in methodology mean there’s weak correlation between ADP employment data and the Labor Department’s closely watched nonfarm payrolls report, due Friday, the release of ADP data can move markets as investors look to it as a gauge of labor market strength. The release of ADP’s jobs numbers put some immediate bearish pressure on the greenback, with the DXY dollar index seeing a relatively sharp drop, down 0.19 percent intraday to 92.46, at the time of reporting. “Our data, which represents all workers on a company’s payroll, has highlighted a downshift in the labor market recovery,” Nela Richardson, chief economist at ADP, said in a statement. “We have seen a decline in new hires, following significant job growth …