Private sector job growth cools sharply in August to 177,000, worse than expected: ADP

Hiring by U.S. companies slowed more than expected in August, pointing to a labor market that is starting to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.

Companies added 177,000 jobs last month, below the 195,000 gain that economists surveyed by Refinitiv predicted. That is also much lower than the revised 371,000 increase recorded in July. 

It marked the worst month for job creation since March.