FOREX TradingCharts.com

Financial News: U.S. Private Sector Job Growth Falls Well Short

U.S. Private Sector Job Growth Falls Well Short Of Estimates In July

08/04/2021 - 09:29:00 (RTTNews)

(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment increased by much less than expected in the month of July.

ADP said private sector employment rose by 330,000 jobs in July after surging by a downwardly revised 680,000 jobs in June.

Economists had expected private sector employment to spike by 695,000 jobs compared to the jump of 692,000 jobs originally reported for the previous month.

"The labor market recovery continues to exhibit uneven progress, but progress nonetheless" said ADP chief economist Nela Richardson.

"Bottlenecks in hiring continue to hold back stronger gains, particularly in light of new COVID-19 concerns tied to viral variants," she added. "These barriers should ebb in coming months, with stronger monthly gains ahead as a result."

The increase in private sector employment was partly due to the addition of 139,000 jobs in the leisure and hospitality sector, although the pace of job growth in the sector has slowed.

The report also showed job growth in the health care and social assistance, professional and business services and trade, transportation and utilities sectors as well as a slight increase in manufacturing jobs.

ADP said employment at midsized and large businesses increased by 132,000 jobs and 106,000 jobs, respectively, while small businesses added 91,000 jobs.

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Economists currently expect the report to show employment surged up by 880,000 jobs in July after spiking by 850,000 jobs in June. The unemployment rate is expected to dip to 5.7 percent from 5.9 percent.

"The ADP is not always a good predictor of the official non-farm payroll employment figures but, for what it's worth, it suggests a clear downside risk to not only the consensus forecast at 880,000, but our own below-consensus 650,000 estimate," said Paul Ashworth, Chief U.S. Economist at Capital Economics.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


European Economics Preview: German Consumer Confidence Data Due (04 min(s), 14 sec(s) ago)
(RTTNews) - Consumer confidence survey results from Germany and France are due on Tuesday, headlin ...Full Story»

Bank Of Japan Minutes On Tap For Tuesday (19 min(s), 46 sec(s) ago)
(RTTNews) - The Bank of Japan will on Tuesday release the minutes from the monetary policy meeting ...Full Story»

South Korea Consumer Sentiment Improves In September - BoK (08 min(s), 46 sec(s) ago)
(RTTNews) - Consumer confidence in South Korea picked up steam in September, the latest survey fro ...Full Story»

ECB's Lagarde Says Eurozone Inflation Could Move Higher (37 min(s), 46 sec(s) ago)
(RTTNews) - European Central Bank President Christine Lagarde said Monday that it was possible tha ...Full Story»

U.S. Durable Goods Orders Jump 1.8% In August, Much More Than Expected (01 min(s), 46 sec(s) ago)
(RTTNews) - New orders for U.S. manufactured durable goods increased by much more than expected in ...Full Story»

Germany Inflation To Rise Up To 5% Temporarily, Says Bundesbank (18 min(s), 46 sec(s) ago)
(RTTNews) - Germany's inflation is likely to rise sharply from the current level due to the VA ...Full Story»

U.S. Durable Goods Orders Jump Much More Than Expected In August (11 min(s), 46 sec(s) ago)
(RTTNews) - New orders for U.S. manufactured durable goods increased by much more than expected in ...Full Story»

Spain Producer Price Inflation Highest Since 1980 (30 min(s), 46 sec(s) ago)
(RTTNews) - Spain's producer prices climbed in July at the fastest pace since 1980, data publi ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

European Economics Preview: German Consumer Confidence Data Due

09/28/2021 - 00:36 AM (RTTNews)
(RTTNews) - Consumer confidence survey results from Germany and France are due on Tuesday, headlin ...Full Story>>

Bank Of Japan Minutes On Tap For Tuesday

09/27/2021 - 18:00 PM (RTTNews)
(RTTNews) - The Bank of Japan will on Tuesday release the minutes from the monetary policy meeting ...Full Story>>

South Korea Consumer Sentiment Improves In September - BoK

09/27/2021 - 17:49 PM (RTTNews)
(RTTNews) - Consumer confidence in South Korea picked up steam in September, the latest survey fro ...Full Story>>

ECB's Lagarde Says Eurozone Inflation Could Move Higher

09/27/2021 - 12:18 PM (RTTNews)
(RTTNews) - European Central Bank President Christine Lagarde said Monday that it was possible tha ...Full Story>>

U.S. Durable Goods Orders Jump 1.8% In August, Much More Than Expected

09/27/2021 - 09:42 AM (RTTNews)
(RTTNews) - New orders for U.S. manufactured durable goods increased by much more than expected in ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.