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The economy is showing further signs of slowing.
Private sector payrolls came in weaker than expected, with businesses adding 99,000 workers in August compared with the Dow Jones forecast of 140,000.
It was the weakest month of job growth since January 2021.
Private sector payrolls grew at the slowest rate in three and a half years in August, according to ADP, a new sign of a deteriorating labor market.
Companies hired just 99,000 workers during the month, down from a downwardly revised 111,000 in July and below the Dow Jones consensus forecast of 140,000.
August marked the weakest month of job growth since January 2021, according to data from the payroll company.
“The downward trend in the jobs market has led to slower than normal hiring after two years of strong growth,” said Nella Richardson, ADP's chief economist.
On Wednesday, the Labor Department reported that job openings fell, also to the lowest since January 2021.
U.S. employers reported fewer job openings in July than the previous month, suggesting hiring could cool further in the coming months.
The Labor Department said Wednesday that there were 7.7 million job openings in July, down from 7.9 million in June and the lowest since January 2021. Job openings have been falling steadily this year from about 8.8 million in January.
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