U.S. private payrolls rise moderately in August -ADP

Private payrolls increased by 374,000 jobs last month after rising 326,000 in July, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private payrolls would increase by 613,000 jobs.

"ADP is far from consistent in predicting changes in the BLS payrolls data," said Rubeela Farooqi, chief U.S. economist at High Frequency economics in White Plains, New York. "Overall, job growth has strengthened in recent months, even as companies continue to report labor supply shortages." U.S. stock index futures extended gains after the report. The dollar slipped against a basket of currencies. U.S. Treasury prices were higher.Economists expect hiring remained strong in August, though persistent worker shortages and a resurgence in COVID-19 infections, which are being driven by the Delta variant of the coronavirus, could have slowed momentum.

But the Paychex/IHS Markit employment watch released on Tuesday showed its small business jobs index rose in August to the highest level since January 2018. The Conference Board's labor market differential - derived from data on consumers' views on whether jobs are plentiful or hard to get - slipped in August, but it was not too far from July's 21-year high.

Source: News Formal (newsformal.com)

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