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
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