September 1, 2021
Private Job Growth Falls Short of Economists’ Expectations
U.S. private companies added 226,000 less jobs than expected in the month of August, according to a new report from ADP.
CNBC: “Private payrolls rose by 374,000 in August, well below the Dow Jones estimate of 600,000 though above July’s 326,000, according to ADP.”
CNBC: “Following a robust recovery from the shortest but steepest recession in U.S. history, economic data of late has been disappointing, possibly reflecting pullbacks from this summer’s surge of the Covid delta variant. The U.S. has been averaging about 150,000 new cases a day following a burst in July and August.”
CNBC: “According to ADP, the weakest job growth for August came in small businesses, which added just 86,000 positions. Companies with 50 to 499 employees led with 149,000, while big business contributed 138,000.”
Bottom line: The economy is underperforming yet again as COVID cases surge, inflation continues to harm American families, and chaos ensues overseas.