US private employment rises by 177,000 in August, less than estimates

ISTANBUL

US private payrolls rose by 177,000 in August, less than market estimates, according to a report released Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab.

The market expectation for the figure was to show an increase of 195,000 jobs.

The figure for July was revised up from a gain of 324,000 to 371,000.

"Job growth slowed notably last month, driven heavily by leisure and hospitality. Job creation by hotels, restaurants, and other employers in the sector fell to 30,000 in August after months of strong hiring," said the report.

Nela Richardson, the ADP chief economist, said the August figure is consistent with the pace of job creation before the coronavirus pandemic, and added: "After two years of exceptional gains tied to the recovery, we're moving toward more sustainable growth in pay and employment as the economic effects of the pandemic recede."

Among businesses, small and mid-sized enterprises added 18,000 and 79,000 jobs, respectively, while large businesses experienced a gain of approximately 83,000.

Education and health services posted the highest gain, adding 52,000 jobs, followed by trade, transportation, and utilities with an increase of 45,000.