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U.S. ADP jobs data for August fall well short of market expectations

The U.S. ADP private payrolls increased by only 132,000 in August, far below market expectations of 300,000. During the period, manufacturing jobs rose by 23,000, while service sector jobs rose by 110,000. ADP said companies were trending conservatively in hiring and trying to cope with conflicting signals in the economy. In addition, ADP also reported for the first time that wages rose by 7.6% year-on-year in August. U.S. "Small nonfarm payrolls data missed expectations as markets wait to see Friday's official payrolls.
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