Wednesday, 03 March, 2021


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
Conrad Doyle | 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.

Recommended

loading...
...

Grand Final shock: No pies and no beer? Grand Final shock: No pies and no beer? An AFL spokesman said planning and details would be worked through over the coming eight weeks before the Grand Final. McLachlan said the grand final will be played before a crowd of at least 30,000 people.

Protests in Washington after police fatally shoot 18-year-old Protests in Washington after police fatally shoot 18-year-old During the footage, the second officer can be heard talking to a dispatcher about a suspect that had allegedly fled on foot. On Thursday, police released body camera footage that showed Kay brandishing a gun during the altercation.

Britney Spears says conservatorship is 'voluntary' Britney Spears says conservatorship is 'voluntary' As the filing reads: "Britney ... strongly prefers to have a qualified corporate fiduciary appointed to serve in this role". Spears is in the middle of fighting to get her father removed from her conservatorship which has been in place since 2008.

Barcelona looking to secure deal for Liverpool’s Georginio Wijnaldum Barcelona looking to secure deal for Liverpool’s Georginio Wijnaldum Naby Keita, Alex Oxlade-Chamberlain, James Milner and Curtis Jones are all vying for spots in the starting line-up as well. Some Barcelona fans have given their take on speculation linking the club with Liverpool midfielder Wijnaldum .

Windows 10 is Coming with New Additions Windows 10 is Coming with New Additions Microsoft's Windows 10 May 2020 update has a serious flaw thanks to which users are losing their internet connectivity. Together with the keyboard and emoji improvements, Microsoft is also releasing a new form of Windows dictation.

The iPhone 12 leak recently revealed a shocking 5G surprise The iPhone 12 leak recently revealed a shocking 5G surprise Its unnamed source warns that only one iPhone 12 variant will support faster mmWave networks - and only in certain markets. If the report is wrong and millimeter wave hardware is available in both versions of the iPhone 12 Pro, that's great.

COVID-19 antibodies present in patients four months after recovery COVID-19 antibodies present in patients four months after recovery The study is among the first to give a definitive timeframe for the protection provided by antibodies against COVID-19. Other studies have also shown similar results.

Canucks' Bo Horvat scores NHL-best ninth goal of Stanley Cup postseason Canucks' Bo Horvat scores NHL-best ninth goal of Stanley Cup postseason They rebounded from a 3-0 shutout in Game 1 of the qualifying series to beat the Minnesota Wild in three straight. He has often kept Vancouver in games, facing more than 30 shots a night. "Felt great (night before), thankfully".

Trump meets with Big Ten commissioner regarding fall season Trump meets with Big Ten commissioner regarding fall season President Donald Trump and Warren spoke on Tuesday in what the Big Ten and Trump both called a "productive conversation". A potential reversal of the Big Ten's decision could come amid pressure on the conference to have the season.

Saudi Arabia Allows Overflights By UAE To "All Countries" Saudi Arabia Allows Overflights By UAE To The agreement is the first of its kind Israel has signed with an Arab state since the 1994 Israel-Jordan peace treaty. Israeli Prime Minister Benjamin Netanyahu hailed the decision.

Bodies of five children found at apartment in Germany Bodies of five children found at apartment in Germany A motive for the incident also hasn't been released as "the mother has yet to be questioned", German police told Bild . Police haven't disclosed a cause of death for the deceased children yet.

Federal eviction moratorium to help cash-strapped renters until December 31 Federal eviction moratorium to help cash-strapped renters until December  31 A spokesman for Democratic presidential candidate Joe Biden questioned why it took so long for Trump to back the moratorium and noted Biden backed the House proposal.

Facebook removes Russian-based fake accounts targeting UK politics Facebook removes Russian-based fake accounts targeting UK politics Like Facebook it said the accounts had little reach, with "low quality and spammy" tweets receiving few likes or retweets. Twitter suspended five accounts linked to Russian state actors under its policy on platform manipulation.

USA services sector expands in August at slower pace USA  services sector expands in August at slower pace The ISM's manufacturing report showed similar results, with factory stockpiles declining at a fastest rate since 2014. Fifteen of the 18 subsectors included in the index reported growth, led by arts, entertainment, and recreation.

Dirk Nowitzki rejected Steve Nash’s overtures to become assistant coach with Brooklyn Dirk Nowitzki rejected Steve Nash’s overtures to become assistant coach with Brooklyn The Nets are keeping Jacque Vaughn as the lead coach and making him the highest paid assistant in the league, sources said. His role in developing our players both on and off the court and his influence driving our culture have been invaluable.