According to ADP, the labor market last month added the fewest jobs since early 2021.

Missing 'gold standard' economic data will test alternatives for the Fed and others who rely on government numbers.

U.S. core CPI rose 0.3% in August, marking the first increase since February.

As consumers continue to shift spending away from goods and toward services, both imports and the U.S. trade deficit are declining.

Combined with inflation that's running at the slowest pace in more than two years, today's data supports the idea that the Fed can tame price pressures without inducing a recession.

Americans are growing more optimistic about the economy, as wage gains are finally outpacing inflation and unemployment remains low. Consumer sentiment is at its highest since 2021.

Price increases continue to run well above the Fed's target, but the latest numbers offer hope that the Fed will end rate hikes soon.

"The June jobs report was poised to be another blowout. Instead, it showed signs of the labor market cooling."