Shares of industrial and transportation companies fell after a surprisingly tepid reading of the jobs market from payroll provider Automated Data Processing.
U.S. private sector employers added 132,000 jobs in August, down from 268,000 in the prior month and 480,000 in June, according to the ADP private market survey, whose design was recently revamped. Economists have warned for months that aggressive rate hikes from the Federal Reserve would eventually hit the jobs market, and those forecasts appear close to being realized.
“Of particular note was the decline in Professional and Business service employment, the first negative month in two years from a sector that has experienced strong growth throughout the recovery,” said Peter Essele, head of portfolio management for wealth adviser the Commonwealth Financial Network, in e-mailed commentary.
Swiss engineering giant ABB forecast revenue growth for its turbo-engine making unit Accelleron.
Airbus said Chief Financial Officer Dominik Asam will leave the company in early March next year to take the same position at German software maker SAP.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
August 31, 2022 17:09 ET (21:09 GMT)
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