ADP Canada National Employment Report: Employment in Canada Decreased by 205,400 Jobs in August 2020

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TORONTO, Sep. 17, 2020 (Canada NewsWire via COMTEX) —
Employment in Canada decreased by 205,400 jobs from July to August according to the August ADP(®) Canada National Employment Report. Broadly distributed to the public each month, free of charge, the ADP Canada National Employment Report is produced by the ADP Research Institute(®). The report, which is derived from actual ADP payroll data, measures the change in total nonfarm payroll employment each month on a seasonally-adjusted basis.

August 2020 Report Highlights*

Total Canada Nonfarm Payroll Employment(1): -205,400

Industry Snapshot:

– Goods Producing:

    --  Manufacturing - 39,000
    --  Construction - 86,200
    --  Natural Resources and Mining - 1,300


– Service Providing:

    --  Trade/Transportation and Utilities - 49,500
    --  Information - 2,500
    --  Finance/Real Estate 3,000
    --  Professional/Business Services - 29,100
        - Professional/Technical - 18,400
        - Management of Companies - 
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US private payrolls rose 428,000 in August, ADP report says

US companies continued to add jobs back in August, but at a slower pace than economists expected as the recovery from the coronavirus pandemic recession slows. 

US private payrolls rose 428,000 in August, according to the ADP monthly employment reported released Wednesday. That fell short of the median economist estimate that US companies would add back 1 million jobs during the month, according to Bloomberg data. 

“The August job postings demonstrate a slow recovery,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, in a press release. “Job gains are minimal, and businesses across all sizes and sectors have yet to come close to their pre-COVID-19 employment levels.”

Read more: GOLDMAN SACHS: Women portfolio managers are outperforming their male counterparts so far in 2020. These are the 25 stocks they own the most compared to men.

The bulk of the jobs added back during the month were

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ADP Jobs Number Increasing Divergence From Reality

It’s always like that.

Just as the thing you lost is found in the last place you look so economic statistics start to go a bit funny just when you want to use them. We even have Goodhart’s Law about this – when a measure becomes a target it ceases to be a good measure. Sure, not entirely the same but containing the same exasperation with the universe as the first two.

So it is with certain of our estimations of what unemployment is going to be. We have the weekly initial claims numbers, allied with that we have an estimation of the unemployment rate. Then we’ve the monthly jobs numbers which we take to be the accurate ones. The monthly ones are preceded by the ADP numbers which are projections from their payroll customers over the rest of the working economy. All of our different numbers use different sources

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U.S. Firms Add Fewer Jobs Than Forecast in August, ADP Data Show

(Bloomberg) — U.S. companies added fewer jobs than expected in August, suggesting the labor market rebound remains gradual, with employment well below pre-pandemic levels.

Businesses’ payrolls increased by 428,000 after an upwardly revised 212,000 in July, according to ADP Research Institute data released Wednesday. The median projection in a Bloomberg survey of economists called for a 1 million gain for the latest month.

The latest data suggest companies continue to hire at a more moderate pace than immediately following the lifting of business lockdowns months ago. Amid widespread joblessness, it will take sustained demand growth to rebuild the labor market to what it was before the pandemic.

Yet, headwinds remain. The Paycheck Protection Program, which helped support employment in recent months, expired in August, and lawmakers have yet to pass an another comprehensive stimulus package. Meanwhile, companies continue to announce layoffs almost six months after the Covid-19 shutdowns.

Stock-index futures

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ADP says privately sector added 428,000 new jobs in August

The numbers: Private-sector companies added or regained 428,000 jobs in August, ADP said Wednesday, but the modest gain won’t dispel worries about a slowdown in hiring over the summer as the U.S. recovers from the coronavirus.

Wall Street economists had forecast an increase of 1 million private-sector jobs, according to Econoday. See ADP report

The increase in hiring last month topped a revised 212,000 increase in July, the giant payroll processor said. Initially ADP had reported that just 167,000 new jobs were created in that month.

The economy has recouped fewer than half of the 20 million-plus jobs lost in the early stages of the coronavirus pandemic.

What’s worse, a number of companies such as American Airlines
AAL,
+0.99%

and MGM
MGM,
+4.17%

have recently announced new layoffs with their businesses still struggling months after the pandemic began.

Read:Fed’s Clarida says new inflation-fighting strategy has roots in failure of

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