A newly released jobs report showed that the pace of hiring in the private sector slowed down in August, amid growing fears of an economic slowdown and historically high inflation.
The much awaited monthly report on private sector employment was released by payroll processing firm ADP on Aug. 31.
Company payrolls grew by only 132,000 this month, a major decline from the 268,000 in new jobs in July.
Payroll numbers at the end of the summer season have been traditionally volatile.
Dow Jones had earlier projected that the ADP report would show 300,000 new hires on the payrolls.
“Our data suggest a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said Nela Richardson, ADP’s chief economist….