Economy

Private payrolls grow by 428,000 but miss expectations

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Private payroll growth came in well below expectations for August, according to a report Wednesday from ADP, whose job tallies have differed widely from the government’s during the coronavirus pandemic.

Companies added 428,000 jobs during the month, well below the 1.17 million estimate from economists surveyed by Dow Jones though a leap above the lackluster 212,000 that ADP measured for July.

Big business dominated job creation, as firms with more than 500 employees added 298,000 workers. Medium-sized businesses were next with 79,000 while companies with fewer than 50 workers grew by 52,000.

Job creation skewed heavily to services, which added 389,000 compared with the 40,000 for goods…

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Source cnbc.com

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