PiCK
US ADP Private Payrolls Rise 38,000 in August, Missing Forecasts
Summary
- U.S. nonfarm private payrolls rose by 38,000 from the previous month in August, falling short of market expectations.
- The increase was down 8,000 from 46,000 in April and came in 9,000 below economists' forecast of 47,000.
- The ADP employment report is often seen as a preview of the U.S. Labor Department's jobs report, though it does not always move in the same direction as the official government data.
Forecast Trend Report by Period
U.S. private-sector hiring rose less than expected in August.
Automatic Data Processing's employment report released on September 2 showed U.S. nonfarm private payrolls increased by 38,000 from the previous month. That was down 8,000 from April's gain of 46,000.
The August figure was 9,000 below the 47,000 estimate compiled by Dow Jones.
Education and health services led job gains, adding 45,000 positions. Leisure and hospitality added 16,000, while construction added 12,000.
Outside those sectors, few industries posted increases. Manufacturing lost 17,000 jobs, and professional and business services shed 16,000.
The ADP report is usually released about two days before the U.S. Labor Department's employment report from the Bureau of Labor Statistics, making it a closely watched preview. Still, it does not always move in the same direction as the official government data.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul