Automatic Data Processing IncADP
▼ NegativeDemandrelevance
ADP's own payroll report missed expectations, indicating weaker demand for its services.
Impact on stocks 1
Cloud & Digital Infrastructure
Automatic Data Processing IncADP reported that private-sector employment rose by 38,000 in August, falling short of the Dow Jones consensus estimate of 47,000 and marking the weakest monthly gain since January. The figure also trailed July's upwardly revised increase of 46,000. Education and health services led job creation with 45,000 positions, while manufacturing lost 17,000 jobs and professional and business services declined by 16,000. Large employers with 500 or more workers accounted for 34,000 of the new jobs, while the smallest firms added just 3,000. ADP's pay data showed annual base pay growth for job-stayers held at 3.0%, with gross pay at 4.4%, unchanged from July. The report comes ahead of Friday's official nonfarm payrolls release, for which analysts expect 53,000 jobs added and the unemployment rate steady at 4.1%.
Automatic Data Processing IncADP's own payroll report missed expectations, indicating weaker demand for its services.