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The
ADP National Employment Report on Wednesday showed private
payrolls rose by 428,000 jobs last month. Data for July was
revised up to show hiring gaining 212,000 jobs instead of the
initially reported 167,000. Economists polled by Reuters had
forecast private payrolls would increase by 950,000 in August.
The ADP report, jointly developed with Moody's Analytics, has a
poor track record forecasting the private payrolls component of
the government's comprehensive employment report because of
differences in methodology.
There are signs the momentum in the labor market is ebbing as
money from the government to support workers and employers dries
up.
Weekly new applications for unemployment benefits are hovering
around 1 million. Data from Kronos, a workforce management
software company, showed an increase in shifts in August, but
the rise was heavily influenced by the late summer return to
school. Adjusting for back-to-school seasonality, weekly shifts
fell on average.
According to a Reuters survey of economists, the Labor
Department's jobs report due out on Friday is expected to show
private payrolls probably increased by 1.265 million jobs in
August after rising 1.462 million in July. Such a gain would
result in nonfarm payrolls advancing by 1.4 million jobs last
month after increasing 1.763 million. That would leave nonfarm
payrolls about 11.5 million below their pre-pandemic level.
(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)
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