August private payrolls rose by 374,000, missing estimates: ADP
Last edited Wed Sep 1, 2021, 09:27 AM - Edit history (1)
Source: Yahoo! Finance
August private payrolls rose by 374,000, missing estimates: ADP
Emily McCormick · Reporter
Wed, September 1, 2021, 8:17 AM·3 min read
U.S. private employers added back far fewer jobs than expected in August as the Delta variant's spread began to take its toll on the pace of the labor market's recovery.
Private payrolls rose by 374,000 in August, ADP said in its closely watched monthly report on Wednesday. Consensus economists were looking for private payrolls to grow by 625,000, according to Bloomberg data. In July, private sector jobs increased by 326,000, according to the firm's revised monthly print.
By sector, high-contact service-providing areas again posted the biggest private payroll gains, with leisure and hospitality jobs rising by 201,000. This was followed by a wide margin by education and health services positions with a gain of 59,000 jobs. Professional and business services payrolls also rose by 19,000.
In the goods-producing sector, overall payrolls increased by 45,000, led by construction industries with job gains of 30,000. Mining and manufacturing jobs each also rose, but by much smaller sums.
ADP's report adds to a slew of mixed labor market data out for August, when a resurgence in COVID-19 cases began to stem the pace of the recovery after a strong start to the summer. Last week, IHS Markit's latest purchasing managers' indices showed that employment activity in both the domestic services and manufacturing sectors decelerated sharply in August. And consumer confidence indices have also retreated, raising the specter of a slowdown in hiring if consumers' propensity to spend deteriorates and demand for goods and services pulls back.
Still, however, the overall trend in the data has pointed toward an ongoing, if slowing, recovery. The U.S. Labor Department's "official" monthly jobs report on Friday is expected to reaffirm that message, with job growth still coming in well above pre-pandemic levels for August but pulling back compared to July.
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Read more: https://finance.yahoo.com/news/adp-private-payrolls-august-2021-employment-labor-market-coronavirus-121701411.html
I'll get a better report in a few minutes.
{edit} Okay; it showed up. The time stamp is an hour ago, but I didn't see it then.
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Here's the original post:
ADP National Employment Report: Private Sector Employment Increased by 374,000 Jobs in August
ROSELAND, N.J. - September 1, 2021 - Private sector employment increased by 374,000 jobs from July to August according to the August ADP National Employment ReportTM. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute in collaboration with Moody's Analytics. The report, which is derived from ADP's actual data of those who are on a company's payroll, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
https://adpemploymentreport.com/2021/August/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-August2021-Final-Press-Release.pdf
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https://adpemploymentreport.com/2021/August/NER/NER-August-2021.aspx
Total Employment
Change in Nonfarm Private Employment
Historical Trend
Change in Total Nonfarm Private Employment
Change By Company Size
Change in Total Nonfarm Private Employment by Company Size
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