U.S. businesses created the fewest new jobs in 7 months, ADP says. Hiring slowed in the summer.

ADP employment data showed U.S. private-sector job creation collapsed to 38,000 in August, marking the weakest month in seven months and the second consecutive weak print, signalling a meaningful deceleration in hiring momentum heading into fall. This softer labour market backdrop will likely pressure Fed rate-cut expectations and equity valuations, and could shift macro positioning if Friday's official non-farm payroll print confirms the trend—watch for volatility in index futures and USD strength on softer data.

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