Economics
U.S. Firms Add Fewer Jobs Than Forecast in August, ADP Data Show
- Payrolls rose 428,000 in month, less than half median forecast
- Large employers accounted for lion’s share of August increase
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U.S. companies added fewer jobs than expected in August, suggesting the labor market rebound remains gradual, with employment well below pre-pandemic levels.
Businesses’ payrolls increased by 428,000 after an upwardly revised 212,000 in July, according to ADP Research Institute data released Wednesday. The median projection in a Bloomberg survey of economists called for a 1 million gain for the latest month.