US ADP report showed 428k growth in private sector jobs in August, well below expectation of 1250k. By company size, small businesses added 52k jobs. Medium businesses added 79k. Large businesses rose 298k. By sector, goods-producing jobs rose 40k. Service-providing jobs gained 389k.
“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.”