August private payrolls rose by 99,000, smallest gain since 2021 and far below estimates, ADP says

Private sector payrolls grew at the weakest pace in more than 3½ years in August, providing yet another sign of a deteriorating labor market, according to ADP.

Companies hired just 99,000 workers for the month, less than the downwardly revised 111,000 in July and below the Dow Jones consensus forecast for 140,000.

August was the weakest month for job growth since January 2021, according to data from the payrolls processing firm.

“The job…