n employee of the Mississippi Department of Employment Security WIN Job Center in Pearl, Miss., left, assists a client fill out paperwork, Monday, Aug. 31, 2020. Payroll processor ADP said Wednesday, Sept. 2, that businesses added 428,000 jobs in August, a figure that before the pandemic would have represented a healthy gain. But the increase represents a small slice of the 12 million jobs that have been lost to the spread of the coronavirus.(AP Photo/Rogelio V. Solis)
By Christopher Rugaber
U.S. companies added jobs at a modest pace last month, a private survey found, a sign that while hiring continues, it is only soaking up a relatively small proportion of the unemployed.
Payroll processor ADP said Wednesday that businesses added 428,000 jobs in August, a figure that before the pandemic would have represented a healthy gain. But the increase represents a small slice of the 12 million jobs that have been lost to the spread of the coronavirus.
ADP said the bulk of the gains were at large companies, which added 298,000 jobs. Small businesses with less than 50 employees gained just 52,000 positions, while medium-sized firms — with between 50 and 499 employees — added 79,000 jobs.
"Given the enormous job losses during the Viral Recession, job growth of around 400,000 per month means that it would take years for the labor market to recover from the coronavirus pandemic," Gus Faucher, an economist at PNC, said.
ADP's figures do not include government workers and frequently diverge from the Labor Department's official jobs report. The August jobs report from the government will be released Friday. ADP revised up its July job gain to 212,000, but that is still far below the 1.8 million additional jobs that month reported by the federal government.
Economists forecast that the Labor Department on Friday will report that 1.4 million jobs were added in August, while the unemployment rate is expected to have fallen to 9.8 percent from 10.2 percent, according to data provider FactSet.
The labor market continues to defy the Federal Reserve’s attempts at loosening it, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels.
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Web browser Mozilla is investing $30 million into launching a startup, called Mozilla.ai, focused on building a "trustworthy, independent, and open-source AI ecosystem."
The Federal Aviation Administration (FAA) is launching a new plan to avoid flight delays in New York City and Washington, D.C. this summer. The plan will lower requirements for airlines to obtain take off and landing rights to help avoid congestion.
Lawmakers grilled TikTok CEO Shou Zi Chew on Thursday in a high-stakes hearing on the future of the popular, Chinese-owned video sharing platform in the U.S.
Actress Lindsay Lohan appears at the Christian Siriano Fall/Winter 2023 fashion show in New York, Feb. 9, 2023. The Securities and Exchange Commission said Wednesday, March 22, that Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims that they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do so.
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