US Private Sector Job Growth Slows Unexpectedly in August

The US private sector added only 38,000 jobs in August, according to the ADP report released on Wednesday. This fell short of market expectations, which were around 48,000 new positions.

The weak employment data led to a rebound in gold and silver prices, with spot gold reaching near $4,340 per ounce and spot silver above $64 per ounce. US stock index futures also strengthened, with the Dow and S&P 500 futures rising, as investors focused on the impact of weaker-than-expected employment data on Federal Reserve policy expectations.

The ADP report showed that the service sector added 48,000 jobs in August, while the goods-producing sector lost 10,000 positions. Within services, education and health services increased by 45,000, leisure and hospitality added 16,000, and financial activities rose by 6,000.