Hiring by U.S. companies slowed more than expected in August, pointing to a labor market that is starting to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.

<a href="https://foxbusiness.com/category/jobs" target="_blank">Companies added 177,000 jobs</a> last month, below the 195,000 gain that economists surveyed by Refinitiv predicted. That is also lower than the upwardly revised 371,000 increase recorded in July.&nbsp;

It marked the worst month for job creation since March.

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Hiring by private U.S. companies cooled sharply in August, indicating that the labor market is beginning to soften as a result of higher interest rates.{ai:summary}U.S. companies hired fewer workers than anticipated in August. The slowdown suggests that the labor market is cooling due to higher interest rates. #economy

Private sector job growth cools sharply in August to 177,000, worse than expected: ADP

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