Private payrolls grow by 428,000 but miss expectations
04 Septembre, 2020, 16:43 | Auteur: Auguste Feret
"Given the enormous job losses during the Viral Recession, job growth of around 400,000 per month means that it would take years for the labor market to recover from the coronavirus pandemic", Gus Faucher, an economist at PNC, said.
Employment in the US' private sector rose by 428,000 in August, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.
Economists expect Friday's government non-farm payrolls report to show gains of 1.32 million in August.
The figures come just before the government's monthly jobs report on Friday, which is forecast to show private payrolls increased by almost 1.3 million, the fourth-straight month of gains.
The ADP report, jointly developed with Moody's Analytics, has fallen short of the government payrolls count since May because of methodology differences. The revision still left the July tally out of alignment with the 1.462 million rise in private employment reported by the government last month.
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Small businesses gained 52,000 jobs, including 43,000 in businesses with between one and 19 employees, and 9,000 in companies with between 20 and 49 employees.
"Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels", Yildirmaz said.
But the USA central bank said "some districts also reported slowing job growth and increased hiring volatility, particularly in service industries, with rising instances of furloughed workers being laid off permanently as demand remained soft". "But the climb out is slow and the risks are high that it will fall back in".
Large firms dominated job creation, with firms with more than 500 employees adding 298,000 workers.
The report said most of the new jobs were in the service sector - 129,000 in leisure and hospitality, 100,000 in education and health and 66,000 in professional and business services. There were also gains in temporary help, reflecting the uncertain economic environment.
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