U.S. private employers boosted hiring in August, suggesting the economy continue...
WASHINGTON - U.S. private employers boosted hiring in August, suggesting the economy continued to grow at a moderate pace despite trade tensions which have stoked financial market fears of a recession.
That is expected to prompt the Federal Reserve to cut interest rates again this month. The U.S. central bank lowered borrowing costs in July, citing growing risks to the economy from the trade fight and slowing global growth. The ADP National Employment Report showed private payrolls increased by 195,000 jobs in August after rising by 142,000 in July. The ADP report, which is jointly developed with Moody’s Analytics, came ahead of the release of the government’s more comprehensive employment report on Friday.
But the pace of employment gains remains well above the roughly 100,000 jobs needed per month to keep up with growth in the working-age population. The unemployment rate is expected to have held at 3.7% in August for a third straight month.
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