ADP: U.S. added 749,000 jobs in August, highlighting ‘faster than expected’ Trump recovery
ADP’s private jobs report showed the U.S. added 749,00 jobs from August to September, 100,000 jobs over economists’ expectations, further emphasizing Trump’s better-than-expected economic results after the COVID-19 lockdowns.
“Companies added jobs at a faster-than-expected pace in September due in good part to a surge in manufacturing hires, according to a report Wednesday from ADP,” says CNBC.
This marks the second straight increase in jobs after lockdowns by state governments created a slowdown in July. In May and June, the economy added the highest number of jobs in any two-month period in history with 7.8 million net-jobs created before falling to 216,000 for July.
“The labor market continues to recover gradually,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “In September, the majority of sectors and company sizes experienced gains with trade, transportation and utilities; and manufacturing leading the way. However, small businesses continued to demonstrate slower growth.”
Figures by the Bureau of Labor Statistics (BLS) show that from 2009 to the end of 2016 under President Obama, the economy never created more than 354,000 job in any single month.
The ADP report heightens expectations for the BLS report due later.
“Yes, this number doesn’t always match BLS report but lately its come in lower than gov number,” said Charles Payne via Twitter.
Trump supporters should be quick to capitalize on the good job numbers and some economic momentum going forward.
“’The economy is recovering FASTER than expected,’ Chris Wallace points out,” said White House Press Secretary Kayleigh McEnany in a Facebook post last night during the debate.
The only dark spot in the report is that Main Street is lagging Wall Street as small business growth was sluggish by comparison to the big companies.
“Companies with more than 500 employees created the most jobs, with 297,000, while small businesses with fewer than 50 workers lagged with 192,000,” says CNBC.
That’s because the coronavirus lockdowns have inordinately hurt small businesses like restaurants and local stores that generally rely on in-person transactions.
A recent survey by Morning Consult and Verizon Business says that over half of all businesses under 500 employees are worried that their business won’t make it through continued COVID-19 lockdowns by the states.
“About 55% of small and mid-size business owners are concerned that social distancing rules might make it difficult for them to stay in business, according to the survey,” says Forbes.
President Trump has been pressing state and local governments to restore normal business conditions to aid the recovery, although Democrat governors have been reluctant to comply with his demands.
“In our current phase, we must focus on protecting those at highest risk while allowing younger and healthier Americans to resume work and school with careful precautions. Ideally, we want to open those schools. We want to open them,” Trump said.
PHOTO: Noam Galai/Getty Images
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