WRAPUP 1-U.S. private payrolls increase modestly in August-ADP

WASHINGTON, Sept 2- U.S. private payrolls increased less than expected in August, suggesting that the labor market recovery was slowing as the COVID-19 pandemic drags on and fiscal stimulus fades. The ADP report, jointly developed with Moody’s Analytics, has a poor track record forecasting the private payrolls component of the government’s comprehensive…

WASHINGTON, Sept 2 (Reuters) – U.S. private payrolls

increased less than expected in August, suggesting that the

labor market recovery was slowing as the COVID-19 pandemic drags

on and fiscal stimulus fades.

The ADP National Employment Report on Wednesday showedprivate payrolls rose by 428,000 jobs last month. Data for Julywas revised up to show hiring gaining 212,000 jobs instead ofthe initially reported 167,000. Economists polled by Reuters hadforecast private payrolls would increase by 950,000 in August.

The ADP report, jointly developed with Moody’s Analytics,has a poor track record forecasting the private payrollscomponent of the government’s comprehensive employment reportbecause of differences in methodology.

There are signs the momentum in the labor market is ebbingas money from the government to support workers and employersdries up.

Weekly new applications for unemployment benefits arehovering around 1 million. Data from Kronos, a workforcemanagement software company, showed an increase in shifts inAugust, but the rise was heavily influenced by the late summerreturn to school. Adjusting for back-to-school seasonality,weekly shifts fell on average.

According to a Reuters survey of economists, the LaborDepartment’s jobs report due out on Friday is expected to showprivate payrolls probably increased by 1.265 million jobs inAugust after rising 1.462 million in July. Such a gain wouldresult in nonfarm payrolls advancing by 1.4 million jobs lastmonth after increasing 1.763 million. That would leave nonfarmpayrolls about 11.5 million below their pre-pandemic level.(Reporting By Lucia MutikaniEditing by Chizu Nomiyama)

ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.