ADP: Private Sector Job Creation Slows for Fifth Consecutive Month

Labor Market Overview - The labor market continued to cool in August, with private sector job creation slowing for the fifth consecutive month, increasing by 99,000 jobs compared to 111,000 in July [1] - Wage growth remained flat, with year-over-year pay gains for job-stayers at 4.8% and for job-changers at 7.3% [2] Industry Sector Performance - Among the 10 industry sectors tracked, seven experienced job gains, while professional/business services, manufacturing, and information sectors saw declines of 16,000, 8,000, and 4,000 jobs respectively [2] Job Openings and Economic Activity - The number of job openings declined to 7.67 million in July, the lowest since early 2021, indicating a slowdown in demand for workers [2] - The Federal Reserve reported that the number of districts with flat or declining economic activity rose to nine in August, up from five in July, with firms becoming more selective in hiring [3]