US private payrolls growth slows in August, ADP says
SPY•ADP says private payroll growth slowed in August
WASHINGTON, Sept 2 (Reuters) - U.S. private payrolls increased moderately in August, the ADP National Employment Report showed on Wednesday.
Private employment rose by 38,000 jobs last month after an upwardly revised 46,000 in July. Economists polled by Reuters had forecast private employment would advance by 48,000 after a previously reported rise of 44,000 in July.
The ADP report is jointly developed with the Stanford Digital Economy Lab, and was published ahead of the Bureau of Labor Statistics' more comprehensive and closely watched employment report for August on Friday. ADP has been a poor gauge of the BLS' private payrolls estimate.
The BLS reported on Tuesday that there were 1.05 open jobs for every unemployed person in July, little changed from June, consistent with stable labor market conditions.
Private payrolls likely increased by 45,000 jobs in August after rising by 30,000 in July, according to a Reuters survey of economists. Nonfarm payrolls are expected to have rebounded by 56,000 jobs last month after a surprise decline of 23,000 in July. The unemployment rate is forecast to be unchanged at 4.1%.
