ADP Estimates Companies in U.S. Cut 10,000 Jobs in August
Wednesday, September 1, 2010; 8:23 AM
Employment fell by 10,000, according to figures today from ADP Employer Services. The median estimate of 35 economists surveyed by Bloomberg News called for a gain of 15,000. Forecasts ranged from a decline of 50,000 to a 55,000 increase.
Over the previous six reports, ADP's initial figures were closest to the Labor Department's first estimate of private payrolls in February, when they overestimated the drop in jobs by 2,000. The estimate was least accurate in April, when it underestimated the employment gain by 199,000.
A Labor Department report on Sept. 3 will show private payrolls climbed by 42,000 workers last month after a gain of 71,000 in July, according to the median forecast of economists surveyed. The jobless rate will increase to 9.6 percent from 9.5 percent, the survey also showed.