US private payrolls rise by 132,000 in August, well below market estimates

By Ovunc Kutlu

ANKARA (AA) – US private payrolls rose by 132,000 in August, well below market estimates, according to data released on Wednesday.

The market expectation was an increase of 288,000, after the American economy created nearly 270,000 private jobs in July, the ADP Research Institute said in a report.

Small businesses saw a gain of 25,000 jobs, while medium and large businesses added 53,000 and 54,000, respectively.

The leisure and hospitality sector posted the highest gain with 96,000 additions, while financial activities saw the largest decline of 20,000.

“Our data suggests a recent shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said ADP chief economist Nela Richardson.

“We could be at an inflection point, from super-charged job gains to something more normal.”​​​​​​​