Delta damage? Economy added lackluster 374,000 private jobs in August, ADP says

The numbers: Businesses in the U.S. created a lackluster 374,000 new jobs in August, a new ADP survey found, suggesting the delta strain of the coronavirus depressed hiring last month.The increase in private-sector jobs was weaker than expected. Economists surveyed by The Wall Street Journal had forecast a 600,000 gain.

It’s no surprise. Companies have a record number of job openings to fill and they are trying to hire workers in anticipation that the latest coronavirus flareup will fade. Yet by and large, the economy has held up well and it’s still growing at a fairly strong pace. Hiring is likely to acclerate if delta cases start to decline in the next few months.

Jobs in education and health care rose by 59,000. And construction companies increased payrolls by 30,000.

Source: Financial Digest (financialdigest.net)

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