Definitely negative indications from the US labor market, pending the August employment report which will be published the day after tomorrow, September 3.
The ADP report, which monitors the creation of new private sector jobs in the US, found that payrolls increased by just 374,000 last month, well below the 600,000 growth estimated by the US. analysts interviewed by Dow Jones, albeit better than the rise of 326,000 in July.
The ADP report was released two days before the publication of the US employment report which, according to analysts, will highlight the creation of 720,000 new jobs and an unemployment rate down to 5.2%.
“The Delta variant of Covid-19 seems to have affected the recovery of the labor market – commented Mark Zandi, chief economist at Moody’s Analytics, which collaborates with ADP to draft the report – Job growth remains strong, but well below compared to the pace of recent months. Employment growth remains inextricably linked to the path of the pandemic “.