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04-09-2014, 11:37 PM
US private payrolls growth slows
DOW JONES NEWSWIRES SEPTEMBER 05, 2014 12:15AM
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US businesses slowed their pace of hiring in August, according to a closely-watched employment survey.
The survey, along with other job-related news, suggests a firming but not robust labour market.
Private payrolls in the US increased by 204,000 jobs last month, says the national employment report compiled by payroll processor Automatic Data Processing (ADP) and forecasting firm Moody's Analytics.
It is the weakest private sector hiring number since March.
Economists surveyed by The Wall Street Journal expected ADP to report that 215,000 new private sector jobs had been created in August. The July increase was revised down to 212,000 from 218,000.
The ADP estimate is issued ahead of the Bureau of Labor Statistics' employment situation report scheduled for Friday.
Economists think the BLS will report August non-farm payrolls, which include government positions, increased by 225,000 jobs, a bit more than the 209,000 added in July. If that is the case, and barring large downward revisions, August would mark the seventh-consecutive monthly gain of 200,000 jobs or more.
The unemployment rate is expected to fall to 6.1 per cent from 6.2 per cent in July.
Economists are unlikely to change their payrolls forecast after seeing the ADP number. The private sector report has a history of large misses when it comes to calling the BLS's number, although the margin has narrowed so far in 2014.
According to ADP, firms employing between 1-49 workers added 78,000 new workers last month. Medium-size businesses with payrolls of 50-499 workers increased payrolls by 75,000 employees. Large firms, businesses with 500 or more employees, hired 52,000 more workers.
Service sector payrolls increased by 164,000 workers in August. The factory sector added 23,000 positions, a large gain for that sector. Construction payrolls increased by 15,000 slots.
Other recent job news was more upbeat.
On Wednesday, TrimTabs Investment Research said the US economy created 231,000 jobs last month.
In addition, Challenger Gray & Christmas reported Thursday that companies announced 40,010 layoffs in August, down 15 per cent from July's figure and 21 per cent below the number of job cuts announced in August 2013.
DOW JONES NEWSWIRES SEPTEMBER 05, 2014 12:15AM
Save for later
US businesses slowed their pace of hiring in August, according to a closely-watched employment survey.
The survey, along with other job-related news, suggests a firming but not robust labour market.
Private payrolls in the US increased by 204,000 jobs last month, says the national employment report compiled by payroll processor Automatic Data Processing (ADP) and forecasting firm Moody's Analytics.
It is the weakest private sector hiring number since March.
Economists surveyed by The Wall Street Journal expected ADP to report that 215,000 new private sector jobs had been created in August. The July increase was revised down to 212,000 from 218,000.
The ADP estimate is issued ahead of the Bureau of Labor Statistics' employment situation report scheduled for Friday.
Economists think the BLS will report August non-farm payrolls, which include government positions, increased by 225,000 jobs, a bit more than the 209,000 added in July. If that is the case, and barring large downward revisions, August would mark the seventh-consecutive monthly gain of 200,000 jobs or more.
The unemployment rate is expected to fall to 6.1 per cent from 6.2 per cent in July.
Economists are unlikely to change their payrolls forecast after seeing the ADP number. The private sector report has a history of large misses when it comes to calling the BLS's number, although the margin has narrowed so far in 2014.
According to ADP, firms employing between 1-49 workers added 78,000 new workers last month. Medium-size businesses with payrolls of 50-499 workers increased payrolls by 75,000 employees. Large firms, businesses with 500 or more employees, hired 52,000 more workers.
Service sector payrolls increased by 164,000 workers in August. The factory sector added 23,000 positions, a large gain for that sector. Construction payrolls increased by 15,000 slots.
Other recent job news was more upbeat.
On Wednesday, TrimTabs Investment Research said the US economy created 231,000 jobs last month.
In addition, Challenger Gray & Christmas reported Thursday that companies announced 40,010 layoffs in August, down 15 per cent from July's figure and 21 per cent below the number of job cuts announced in August 2013.