Economy

US private payrolls growth slows in August, ADP says

Private employment rose by 38,000 jobs last month.

U.S. private payrolls increased moderately in August, the ADP National Employment Report showed on Wednesday.

Private employment rose by 38,000 jobs last month after an upwardly revised 46,000 in July. Economists polled by Reuters had forecast private employment would advance by 48,000 after a previously reported rise of 44,000 in July.

The ADP report is jointly developed with the Stanford Digital Economy Lab, and was published ahead of the Bureau of Labor Statistics’ more comprehensive and closely watched employment report for August on Friday. ADP has been a poor gauge of the BLS’ private payrolls estimate.

The BLS reported on Tuesday that there were 1.05 open jobs for every unemployed person in July, little changed from June, consistent with stable labor market conditions.

Private payrolls likely increased by 45,000 jobs in August after rising by 30,000 in July, according to a Reuters survey of economists. Nonfarm payrolls are expected to have rebounded by 56,000 jobs last month after a surprise decline of 23,000 in July. The unemployment rate is forecast to be unchanged at 4.1%.

© ZAWYA

GLOBAL BUSINESS AND FINANCE MAGAZINE

Recent Posts

Saudi: FlyAkeed raises $25.15mln in equity and business travel financing for large enterprises

The funding will primarily support a new embedded deferred payment offering that enables a larger…

46 minutes ago

European Clean Tech Atlas

The Atlas tracks Europe's clean-tech transformation, showing how adoption, investment and industrial change are unfolding…

4 hours ago

Europe’s long-term care gap: longevity risk and health uncertainty

Future EU long-term care demand hinges more on health trajectories than ageing alone, making prevention…

4 hours ago

New evidence of strong but slow portfolio responses to equity premium changes

Standard portfolio theory predicts strong investor responses to changes in the equity premium, but empirical…

5 hours ago

The implications of climate change for monetary policy

Climate change and the transition to net zero are reshaping the macroeconomy, with important implications…

5 hours ago

European banks and private markets: Mapping the linkages

The role of non-bank financial intermediaries in the financial system has increased markedly over recent…

18 hours ago