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Response to mahatmakanejeeves (Original post)

Thu Sep 3, 2020, 08:17 AM

6. Bad news for jobs: ADP employment report disappoints

23 hr 48 min ago
Bad news for jobs: ADP employment report disappoints
From CNN Business' Anneken Tappe

Ooff, what a start to the day.

The ADP employment report came in quite a lot worse than expected. Economists had predicted 950,000 new jobs in the private payrolls report for August, but ADP reported just 428,000 jobs were added last month.

For those watching the ADP report as an indicator for Friday's government jobs report, disappointment could be on the horizon. Economists expect 1.4 million jobs added to the economy in August, bringing the unemployment rate to 9.8%. It would be the first time since April that the jobless rate is below the peak of the Great Recession.

The ADP report showed that large companies had the strongest job gains and that the leisure and hospitality sector continues to add back the most jobs. The sector was decimated by the spring lockdown and gaining back all the lost jobs will take the biggest rebound.

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