According to the ADP National Employment Report for August, 2024, the labor market continued to cool in August, with private employers adding 99k jobs. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees.“The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized growth. The next indicator to watch is wage growth, which is stabilizing after a dramatic post-pandemic slowdown.” Said ADP chief economist Nela Richardson.
