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)
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