Private Sector Adds 122K Jobs as Wage Growth Slows

American companies added 122,000 jobs this month, while wage growth continued to slow.That’s according to the latest monthly employment report from ADP, released Wednesday (July 31), showing the number of new private sector jobs is down from 155,000 in June. Wage increases slowed to 4.8%, the slowest pace in three years, while increases for people changing jobs slowed from 7.7% to 7.2% in July.“With wage growth abating, the labor market is playing along with the Federal Reserve’s effort to slow inflation,” ...