Private employers added fewer jobs than expected in August

U.S. private-sector employment rose by 38,000 in August, below the 48,000 expected and the weakest growth since January, according to data from Automatic Data Processing. July’s increase was revised up to 46,000 from 44,000.

Education and health services, leisure and hospitality, financial activities and construction added jobs, while manufacturing and professional and business services shed workers. Base pay increased 3.2% from a year earlier, while gross pay rose 4.7%.

Gold, silver and U.S. stock-index futures briefly strengthened as investors reassessed expectations for Federal Reserve policy. Markets are awaiting the August nonfarm payrolls report due Sept. 4.

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