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U.S. added 374,000 private jobs in August, report shows

U.S. added 374,000 private jobs in August, report shows
Inside the New York Stock Exchange is seen on Wall Street in New York City on July 30. Photo by John Angelillo/UPI | License Photo

Sept. 1 (UPI) -- The U.S. economy added 374,000 private jobs during the month of August, ADP and Moody's Analytics said Wednesday in their monthly labor assessment -- a little more than half of what analysts were expecting.

While the August was an increase over the 326,000 private jobs for June, the report said. Most experts projected about 600,000 jobs.

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"Our data, which represents all workers on a company's payroll, has highlighted a downshift in the labor market recovery," ADP Chief Economist Nela Richardson said in a statement.

"We have seen a decline in new hires, following significant job growth from the first half of the year."

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Wednesday's assessment said the rise in COVID-19 cases has had an impact on the job market.

"Despite the slowdown, job gains are approaching 4 million this year, yet still 7 million jobs short of pre-COVID-19 levels. Service providers continue to lead growth, although the Delta variant creates uncertainty for this sector. Job gains across company sizes grew in lockstep, with small businesses trailing a bit more than usual," Richardson added.

The report showed 86,000 new jobs at small businesses, 149,000 at medium-sized businesses and 138,000 at large businesses. Most of the new jobs last month, about 200,000, were added in leisure and hospitality.

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Moody's Chief Economist Mark Zandi said concerns about the Delta coronavirus variant has "dented" the market's recovery, for now.

"Job growth remains strong, but well off the pace of recent months," he said. "Job growth remains inextricably tied to the path of the pandemic."

The Labor Department will release its August jobs report on Friday.

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