U.S. private employers add just 38,000 jobs in August.
ADP reports the smallest gain since January.
The figure falls short of the 47,000 expected by economists. July’s number is revised to 46,000.
Education and health services lead with 45,000 new positions. Leisure and hospitality add 16,000. Construction gains 12,000.
Manufacturing loses 17,000 jobs. Professional and business services drop 16,000. Large companies drive most of the hiring.
Wage growth holds steady.
Economists see the soft print as another sign of a cooling labor market.
Markets now turn attention to the official jobs report.
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