Private payrolls grow by 428,000 but miss expectations
Private payrolls grow by 428,000 but miss expectations
Breaking: US private sector employment rises by 428,000 in August vs. 950,000 expected
04 September, 2020, 16:42
Private companies in the United States added fewer-than-expected 428,000 jobs in August, indicating a slow recovery in a labor market ravaged by the COVID-19 crisis, payroll data company Automatic Data Processing (ADP) reported on Wednesday.
Job creation skewed significantly to services, which added 389,000 compared to 40,000 for commodity producers.
US companies added fewer jobs than expected in August, suggesting the labor market rebound remains gradual, with employment well below pre-pandemic levels.
ADP and Moody's also added almost 50,000 jobs to its July total.
This reading followed July's increase of 212,000 (revised from 167,000) and missed the market expectation of 950,000 by a wide margin.
"The August job postings demonstrate a slow recovery", Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement.
The figures come just before the government's monthly jobs report on Friday, which is forecast to show private payrolls increased by almost 1.3 million, the fourth-straight month of gains.
Commenting on Wednesday's data, Michael Pearce at Capital Economics cautioned that the ADP report had been an especially poor predictor of the official monthly non-farm payrolls report since the pandemic hit.
ADP's figures do not include government workers and frequently diverge from the Labor Department's official jobs report.
Mark Zandi, chief economist at Moody's Analytics, which collaborates with ADP on the report, said after the July release that the reviews were simply related to the number of BLS. "Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels".
The median economist estimate was that payrolls would rise by 1 million in August, according to Bloomberg data.
Most of the increase in employment last month was in industries directly impacted by the pandemic, including restaurants, leisure and hospitality. There were also gains in temporary help, reflecting the uncertain economic environment.
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