U.S. Companies Added Just 428000 Jobs Last Month

U.S. Companies Added Just 428000 Jobs Last Month”

Private employers added 428,000 jobs in August, indicating the nation's pandemic-ravaged labor market is continuing to slowly recover from the coronavirus crisis, according to the ADP National Employment Report released Wednesday.

Small businesses created 52,000 jobs and medium businesses 79,000, the analysis said. The goods-producing sector, in contrast, gained only 40,000 jobs last month, mainly in the construction industry, which added 28,000 jobs. Franchise jobs increased by 21,500.

ADP said the bulk of the gains were at large companies, which added 298,000 jobs.

ADP's figures do not include government workers and frequently diverge from the Labor Department's official jobs report.

The report showed that more than half of the new jobs, 270,000, were created by large businesses with more than 1,000 employees. For the month of June, ADP initially reported growth of 2.4 million, then revised it down to almost 4.5 million, and the May total was initially a loss of 2.76 million which was later revised up to a gain of 3.34 million. The July total was revised upwards from the initial estimate of 167,000, but still well below the Bureau of Labor Statistics Nonfarm Payroll count of 1.76 million.

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Moody's Analytics chief economist Mark Zandi told reporters he expected the gap between the ADP and BLS private payrolls to narrow in August.

According to a Reuters survey of economists, private payrolls probably increased by 1.265 million jobs in August after rising 1.462 million in July.

Separately on Wednesday, the Fed's "Beige Book" report of anecdotal information on business activity collected from contacts nationwide showed employment rising overall among districts, with gains mostly in manufacturing.

"Risks remain tilted to the downside for recovery in the labor market", said Rubeela Farooqi, chief US economist at High Frequency Economics in White Plains, New York.

August hiring was spread across most industries, with the biggest gains taking place in leisure and hospitality, with 129,000 added, and education and health services, with 100,000 added. "Temp help is also seeing sizable gains as companies are hiring more temporary workers, reflecting the uncertain economic environment".

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