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Employment Report Shows 30K Fall In Private Sector

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US employment in the private sector fell by 33,000 in August after a downwardly revised July, according to the ADP employment report released Thursday. The number was below estimations, as analysts were expecting a 25,000 decline in private sector payrolls.

"The goods-producing sector had employment loss of 78,000, the ADP index showed. The manufacturing sector lost 56,000 jobs for its 24th consecutive monthly decline, while the services-providing sector added 45,000 jobs."

Large businesses, defined as those with 500 or more workers, had a decline of 28,000. Medium-size companies, with 50 to 499 workers, declined 25,000 on the month. But small businesses, with fewer than 50 workers, gained 20,000.

Also reported Thursday was initial jobless claims, the number of people filing for first time unemployment benefits. New claims for the week ending August 30th jumped 15,000, to 444,000, after an upwardly-revised loss of 6,000 last week. Economists were expecting 420,000 new claims for the week. Today’s reading is the highest reading in almost five years.

The four-week moving average of new claims, which smoothes out distortions caused by one-time events such as holidays and weather, fell by 3,250 to stand at 438,000. This stood at 369,000 at the end of May.

Reported by Alhambra Investment

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