Private sector employers added 91,000 workers in August, down from the 109,000 jobs added in July, payroll processing firm ADP reported Wednesday.
NEW YORK (CNNMoney) -- Don't look to August for a robust jobs recovery. According to a report out Wednesday, the U.S. economy added jobs during the month, but not nearly at the momentum seen earlier this year.
Private sector employers added 91,000 workers in August, down from the 109,000 jobs added in July, payroll processing firm ADP reported.
That number was slightly less than economists' forecasts for 100,000 new jobs, and pales in comparison to job gains seen in the first four months of the year. In each of those months, the ADP report showed private sector employers added at least 175,000 jobs.
Small businesses continue to be the engine of job growth. Businesses with fewer than 50 employees added 58,000 jobs in August, while mid-sized firms added 30,000 jobs.
Larger corporations with 500 or more employees, created only 3,000 jobs during the month.
A separate report showed the number of planned job cuts declined from a month ago, although they still remain at a high level.
The number of planned cuts fell in August to 51,114 from July's 16-month high of 66,414, according to outplacement consulting firm Challenger, Gray & Christmas. But year-over-year, job cuts are still 47% above last August's level.
Government workers will take the biggest hit, the report said, accounting for 18,426 of the announced reductions. The retail sector will also feel the pain, accounting for 5,901 layoffs in August.
Employers have now announced a total of 363,334 planned job cuts so far this year -- down only 2.9% from 374,121 cuts announced in the first eight months of 2010.
"July job cuts spiked as a result of a handful of surprisingly large job cut announcements in the private sector. It is too soon to tell whether those cuts were an anomaly, but they appeared to be driven by industry- and company-specific trends, as opposed to larger economic ones," John A. Challenger, CEO of Challenger, Gray & Christmas said in a statement.
The Challenger report and the ADP private sector jobs report typically set the tone for the government's highly anticipated monthly jobs report, due Friday for August.
|China factory activity contracts in May|
|Tesla repays federal loan nearly 10 years early|
|How police can find your deleted text messages|
|HP soars as Meg Whitman turnaround continues|
|Stocks slip as Fed sends mixed message|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.73%||3.65%|
|15 yr fixed||2.85%||2.79%|
|30 yr refi||3.72%||3.64%|
|15 yr refi||2.85%||2.78%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|