⚠️ SUMMARY OF US AUGUST ADP JOBS REPORT:
1. The U.S. economy added a lower-than-expected 99,000 jobs in August, as per ADP, missing forecasts for a gain of 122,000.
That is the lowest monthly total since September 2023.
2. That follows a downward revision for July, which added 111,000 jobs, compared to a previously reported increase of 122,000.
That is a downward revision of 11,000 jobs.
• Key Takeaway: The weak ADP payrolls report adds to evidence of a slowing labor market.
Calls for a 50 basis point rate cut later this month will grow stronger as cracks begin to emerge in the economy
