Excerpt from: ADP: Employers Added 374,000 Jobs in August, Well Below Expectations

While gains were spread across businesses by size, small firms struggled to create jobs.

By Tim Smart - Sept. 1, 2021

Employers added 374,000 jobs in August, according to a monthly report from private payroll firm ADP released Wednesday.

The number compared with 330,000 in July. Forecasters had predicted 638,000 new jobs would be created.

"We think the jobs data for August and September are going to be ugly," says David Kotok, chairman and chief investment officer for Cumberland Advisors. "We may see the early signs of COVID long-haul temporary, partial, or permanent disability show up in labor force data."

Many employers report difficulty filling open positions as job-seekers worry about the spread of the coronavirus or face caregiving responsibilities at home. In response, companies are being forced to pay higher wages or provide more flexibility in scheduling.

Read the full article here: https://www.usnews.com/news/economy/articles/2021-09-01/adp-employers-added-374-000-jobs-in-august-well-below-expectations

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

David R. Kotok
Published Date
News Source
U.S. News & World Report