Payroll Rolls Down

The payroll company ADP reports that businesses added 177,000 workers in August. That’s a slowdown from the last three months, where payrolls expanded on average 345,000.

Why it matters: The jobs market has been incredibly hot for months now, even with rising interest rates. We are watching the jobs market closely because slowing job creation is a key indicator the Fed is monitoring as a sign that inflation is easing.

Dig deeper: If that trend continues, the Bureau of Labor Statistic’s August jobs figure could be smaller than the 235,000 anticipated.

Go deeper: For more recent economic insights, check out the U.S. Chamber website.