8.31.2022

Private sector employment increased by 132,000 jobs in August and annual pay was up 7.6%

• The 132K increase in private payroll jobs was well below consensus estimates of +225K
• Payroll increases were seen across all company sizes
• Largest increases were in the Leisure & Hospitality (+96K) and Trade, Transportation, & Utilities (+53K)
• U.S. Private Employment appears to be slowing dramatically
• ADP Report Press Release