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Sunday, September 20, 2020
HomeNewsEconomyPrivate Sector Employment Gains 428k Jobs in August, Missing Forecast

Private Sector Employment Gains 428k Jobs in August, Missing Forecast

Man reading newspaper with the headline Job Market. (Photo: AdobeStock)

ADP National Employment Report Revised Higher for July

Man reading newspaper with the headline Job Market. (Photo: AdobeStock)
Man reading newspaper with the headline Job Market. (Photo: AdobeStock)

Roseland, N.J. (PPD) — Total private sector employment rose 428,000 in August, missing the forecast for the ADP National Employment Report. Forecasts ranged from a low of 150,000 to a high of 1,460,000. The consensus forecast was 900,000.

The goods-producing sector added 40,000 private sector jobs. Construction added 28,000, manufacturing added 9,000 and natural resources/mining added 2,000.

“The August job postings demonstrate a slow recovery,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels.”

The service-providing sector added 389,000 private sector jobs. Leisure/hospitality added 129,000, education/health services added 100,000 and professional/business services added 66,000.

The change in total private sector employment was revised from +167,000 to +212,000.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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