Last month, U.S. companies added the fewest jobs since the start of 2021, adding to evidence that the labor market is shifting into a lower gear.

Private payrolls increased 99,000 in August, and the prior month's gain was revised lower, according to the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The latest figure was below all estimates in a Bloomberg survey of economists.

Wage growth for workers who changed jobs, as well as for those who stayed in their current position, continued to advance at the slowest pace since 2021, the data out Thursday showed.

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