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Private payroll growth in August slowed to its weakest level since October as the U.S. economy continued to move toward full employment, ADP and Moody's Analytics reported Thursday.
Companies added 163,000 jobs for the month, a considerable slowdown from the 217,000 added in July and well below what had been an average of 206,000 a month. Economists surveyed by Reuters had been expecting 190,000 new hires.
August saw a sharp decline in small business hiring that held down the headline number. Still, officials involved with compiling the report said the jobs market remains strong.
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