US private sector adds only 374,000 jobs in Aug

September 2, 2021

The latest data released on Wednesday “has highlighted a downshift in the labour market recovery”, said Nela Richardson, chief economist at ADP….reports Asian Lite News

Private companies added 374,000 jobs in August, fewer than expected, indicating a slowing labour market recovery amid a Delta variant-fuelled Covid-19 resurgence, payroll data company Automatic Data Processing (ADP) reported.

The latest data released on Wednesday “has highlighted a downshift in the labour market recovery”, said Nela Richardson, chief economist at ADP.

“We have seen a decline in new hires, following significant job growth from the first half of the year.”

In the second quarter, the private sector saw an average monthly job growth of roughly 748,000 amid vaccination progress and continued economic recovery, according to the report, which was produced by the ADP Research Institute in collaboration with Moody’s Analytics.

In July, however, private companies added a downwardly revised 326,000 jobs, a marked slowdown from the second quarter.

Despite the slowdown, Richardson noted that job gains are approaching 4 million this year, while adding that it’s still 7 million jobs short of pre-pandemic levels.

Service providers continue to lead growth, with 329,000 jobs added in the month, although the Delta variant creates “uncertainty” for this sector, Richardson said, noting leisure and hospitality made up 201,000 of the job gains.

Large firms and medium-sized businesses hired about 138,000 and 149,000 workers, respectively, while small companies added some 86,000 employees, the ADP report showed, indicating an unbalanced recovery across different company sizes.

The ADP report came two days ahead of the crucial monthly employment report to be released by the Labour Department’s Bureau of Labour Statistics, which will include employment data from both the private sector and the government.

ALSO READ: Covid surge wearing US out in multiple sectors

Previous Story

Putin says US presence in Afghanistan ended in tragedies

Next Story

Abu Dhabi lifts quarantine rule for vaccinated passengers

Latest from -Top News

Sisi, MBZ cement ties

UAE and Egypt bolster ties through high-level talks in Abu Dhabi and a landmark cardiac care initiative delivering lifesaving treatment to rural

70,000 Gaza kids starve

WFP warned that any further escalation of conflict could paralyse relief operations altogether, deepening the plight of civilians—especially children, the elderly, and

Prayers on the Mount

The Day of Arafat, considered the pinnacle of the Hajj pilgrimage, witnessed a congregation of believers from around the world As the

EID MUBARAK!

UAE marks Eid Al Adha with housing support, children’s gifts, pardons, and cultural celebrations, reflecting a national spirit of compassion, unity, and

Don't Miss