U.S. companies increased headcount at a relatively sluggish pace in August, according to a revamped private report that suggests hiring is downshifting in an economy buffeted by high inflation and rising interest rates.
Businesses’ payrolls rose 132,000 this month after a nearly 270,000 gain in July, according to newly compiled data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The latest report reflects updated methodology.
The median forecast in a Bloomberg survey of economists called for a 300,000 gain in private employment.
