Wednesday, September 02, 2020

ADP: Private Employment increased 428,000 in August

by Calculated Risk on 9/02/2020 08:20:00 AM

From ADP:

Private sector employment increased by 428,000 jobs from July to August according to the August ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

“The August job postings demonstrate a slow recovery,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels.
This was well below the consensus forecast for 900 thousand private sector jobs added in the ADP report.

The BLS report will be released Friday, and the consensus is for 1.4 million non-farm payroll jobs added in August. Of course the ADP report has not been very useful in predicting the BLS report.