ADP: U.S. Added 176K Jobs In August
The U.S. added 176,000 jobs in August, fewer than in July, but on par with the average of the past 12 months, according payroll processor ADP.
The National Employment Report, produced with Moody’s Analytics, uses actual payroll data to measure changes in employment and comes out a day ahead of the federal government’s August jobs report. According to Yahoo Finance, a jump of 210,000 jobs was expected.
Employment in the goods producing sector rose 11,000, roughly half the growth rate seen in July, ADP said. Manufacturing rebounded from July’s decline and added 5,000 jobs in August. Construction, meanwhile, added 4,000 jobs.
Service-providing industries saw gains, but were down overall from July, to 165,000 jobs, compared with 176,000. Professional and businesses services saw the largest gain, adding 50,000 over the month, while trade, transportation and utilities added 40,000. Financial activities had its smallest gain since June 2012 with an increase of 1,000 jobs.
Carlos A. Rodriguez, president and CEO of ADP, said the August numbers are in line with the monthly average of the past 12 months.
"Job gains in August were consistent with increases experienced over the past two-plus years,” added Mark Zandi, chief economist of Moody’s Analytics. “There is little evidence that fiscal austerity and health care reform have had a significant impact on the job market.”
ADP also revised July’s employment growth downward from 200,000 to 198,000. On the other hand, the government said initial jobless claims fell by 9,000 last week.
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