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This is the lowest reading since January 2021, albeit barely.
- Prior was +122K (revised to +111K)
- Annual pay growth for job-stayers 4.8% vs 4.8% prior
- Job-changers’ pay gains 7.3% vs 7.2% prior
- Service-providing sector added 72K jobs, goods-producing sector up 27K
- Construction (+27K) and education/health services (+29K) led gains
- Professional/business services saw largest decline (-16K)
The evidence is beginning to mount that the US jobs market is cooling. Here’s a reminder of what Powell said at Jackson Hole.
“The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized
growth,” said Nela Richardson, chief economist, ADP. “The next indicator to watch is wage growth, which
is stabilizing after a dramatic post-pandemic slowdown.”
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