FX.co ★ US Private Employment Growth Slows Again in August

Private-sector employers in the US created 38,000 jobs in August 2026, the weakest monthly gain since January. This followed an upwardly revised 46,000 increase in July and came in below market expectations of 47,000, underscoring a broader cooling in the labor market.

Hiring was strongest in education and health services (+45,000), leisure and hospitality (+16,000), construction (+12,000), and financial activities (+6,000). By contrast, several key sectors cut staff: manufacturing (-17,000), professional and business services (-16,000), trade, transportation and utilities (-5,000), natural resources and mining (-5,000), and information (-4,000).

By firm size, large companies accounted for most of the gains, adding 34,000 positions, while businesses with fewer than 50 employees increased payrolls by 3,000.

Wage growth was little changed over the month. “Pay can tell us a lot about today’s choppy hiring. To understand hiring patterns, you have to look deeply into where pay growth is accelerating, where it’s slowing, and for whom. Once-predictable wage growth has been overtaken by the complexities of demographic change, persistent inflation, and AI’s effects on jobs,” said Dr. Nela Richardson of ADP.