Employers are hiring less but paying more

Axios reports on new ADP data showing private employers added just forty-four thousand jobs in July, the slowest monthly pace since January. But wages tell a different story: workers who switched jobs saw annual pay growth accelerate to seven percent, the fastest pace since August twenty twenty-five. Construction added just one thousand jobs, yet pay for construction workers hit record levels as employers compete for workers on AI data center projects. Education and health services led hiring with thirty-six thousand new jobs. The labor market is tight: supply constraints are keeping wage pressures alive despite employers' reluctance to hire broadly.

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