ADP Employment Report Shows U.S. Lost Nearly 300K Jobs In August
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The ADP National Employment Report showed that the private sector employment decreased by 298,000 in August. This was higher than the consensus of 250,000 job losses. The main nonfarm payrolls report, due Friday, has a consensus of 225,000 jobs losses for the month.
August's employment decline was the smallest since September of 2008, according to ADP data.
The report showed Small businesses lost 122,000 jobs, Medium businesses lost 116,000 jobs and Large businesses lost 60,000 jobs. The goods-producing sector lost 152,000 jobs, service-providing sector lost 146,000 jobs, Manufacturing industry lost 74,000 jobs.
Joel Prakken, Chairman of Macroeconomic Advisers, commented, "Employment losses are clearly diminishing. Despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is still likely to decline for at least several more months, albeit at a diminishing rate."
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