U.S. companies increased headcount at a relatively sluggish pace in August, according to a revamped report that suggests hiring is downshifting in an economy buffeted by high inflation and rising interest rates.

Businesses’ payrolls rose 132,000 this month, the smallest gain since the start of 2021, after a nearly 270,000 increase in July, according to newly compiled data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The latest report released Wednesday reflects updated methodology and includes historical jobs data on a monthly and weekly basis for the past 12 years.

The median forecast in a Bloomberg survey of economists called for a 300,000 gain in private employment.

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