August data not painting best economic picture

(CNN)— Early economic data for August is not painting the best picture of the economy.

New metrics released on Thursday, September 4, showed ‘private-sector’ businesses sharply reined in hiring last month.

Payroll company ADP’s report shows they added only about half the number of jobs as they did in July.

The Labor Department reports first-time claims for unemployment benefits also rose to an 11-week high.

And last month was the worst August for layoff announcements since the great recession of the late 2000’s.