Economy

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.

More news: Chelsea women sign prolific striker Pernille Harder

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".



Like this

loading...
loading...

Latest


04 September 2020
Speeds up to 100 Mbps with the Starlink project, SpaceX
SpaceX's Starlink -8 objective provided a ninth batch of internet- beaming satellites into orbit on June 13, 2020. Other companies like OneWeb and Amazon also have plans to deploy a space-based satellite internet system.

04 September 2020
Meghan Markle and Prince Harry sign huge production deal with Netflix
And now we can start wondering if they'll end up guest-starring as themselves on The Crown (probably not). Their fee has not been made public, but similar multi-year deals are worth many millions of dollars.

04 September 2020
Arizona Resident Seeks Lawsuit To Ban Kanye West From Ballot
West's attorney Timothy LaSota had said that preventing the rapper from participating in the poll would reduce voters' choices. Also this week, Virginia Attorney General Mark Herring, a Democrat, sought to block West from appearing on the state's ballot.

04 September 2020
African countries engaging in ground-breaking COVID-19 vaccine initiative
The programmes are leveraging rapid response platforms already supported by CEPI as well as new partnerships. We hope that there will be more. "Their most recent vaccine tests show promising results", said PM Trudeau.

04 September 2020
Kai Havertz leaves Germany camp to complete Chelsea transfer
A deal has been agreed with Bayer Leverkusen for the Germany winger, who has always been tipped to join the Blues. Chelsea are edging closer to securing a deal for Kai Havertz this summer.

04 September 2020
Dr. Dre's Estranged Wife Requests $2M a Month in Temporary Spousal Support
She wants an additional $5 million in lawyer fees ... even though she just filed for divorce 2 months ago. I don't think anyone should be getting $24 million a year just because they were married to someone.

04 September 2020
Microsoft Upgrades Window 10’s Touch Keyboard With Voice Typing, Emojis, And More
With the latest Insider build, users will be able to quickly input GIFs by using the Win+[.] and Win+[;] keyboard shortcuts. It's Wednesday, which means it's time for another new Windows 10 preview build for Dev channel Insiders to check out.

04 September 2020
English tracing scheme shows weekly COVID-19 cases highest since May
It will see a weekly testing model trialled with more than 2,100 pupils and staff across four schools. The UK government's investment will also include piloting a rapid 20-minute test in Hampshire.

04 September 2020
A Grand Final Long Weekend? Here's How We Can Make It Happen
Queensland has hosted numerous clubs in hubs and the majority of home-and-away games have been played in the state. The AFL has extended its deal with the MCG by one year, until 2058, as compensation for missing out in 2020.

04 September 2020
Baseball Hall of Famer Tom Seaver dead at age 75
Two years later, Seaver led the "Miracle Mets" to their first World Series title in only their eighth year of existence. He has also been inducted into the Mets' and Reds' respective halls of fame, and had his No. 41 jersey retired by NY .