U.S. private payrolls increased less than expected in August, suggesting that the labor market recovery was slowing as the COVID-19 pandemic drags on and fiscal stimulus fades.
The ADP National Employment Report on Wednesday showed private payrolls rose by 428,000 jobs last month. Data for July was revised up to show hiring gaining 212,000 jobs instead of the initially reported 167,000. Economists polled by Reuters had forecast private payrolls would increase by 950,000 in August.
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