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- October 20, 202612°
- BIST10011,430-2.49%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,136.70-0.56%
- INTEREST37.00%-1.00
- BITCOIN81,341-0.62%
- October 20, 202612°
U.S. private-sector employment growth fell short of expectations in August
U.S. private-sector employment rose by 38,000 in August, falling short of the market expectation of 48,000. July's figure was revised up to 46,000, while annual wage growth reached 4.4% for employees who stayed in the same job and 7.3% for those who changed jobs.
U.S. private-sector employment growth was limited to 38,000 jobs in August. The market had expected employment to increase by 48,000 during the period.
July's figure was also revised, with the previously reported 44,000 increase raised to 46,000.
Increase in services, decline in production
Employment trends varied across sectors. Employment in the services sector rose by 48,000, while the production sector recorded a decline of 10,000.
The calculation was based on payroll data from more than 26 million private-sector employees in the United States.
Wage growth higher for employees who changed jobs
Annual wage growth for employees who stayed in the same job stood at 4.4% in August. For employees who changed jobs, annual wage growth was 7.3%.
Nela Richardson, chief economist at the ADP Research Institute, said wage indicators could offer clues about volatile hiring trends.
Richardson said it was necessary to examine in detail the areas where wage growth was accelerating or slowing and who was affected by these changes in order to assess hiring trends.
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