ADP: U.S. Sees Biggest Jobs Gain In 5 Months
According to a new ADP National Employment Report, private-sector employment in the United States increased by 201,000 in August, the biggest single-month gain in five months.
The estimated job gain from June to July was revised up from the initial estimate of 163,000 to 173,000.
New Jersey-based payroll processor ADP, in partnership with Macroeconomic Advisers LLC, found the biggest gains in small business employment as businesses with less than 50 employees grew by 99,000 jobs. Those with 50 to 499 employees grew by 86,000 and large businesses, which have 500 or more employees, grew by 16,000.
The service sector had the most gains, with 185,000 jobs, up from 156,000 in July. That was followed by the goods-producing sector which added 16,000 jobs in August. Construction jobs increased for the third consecutive month, adding 10,000, the best growth since March. The financial services sector made its 13th consecutive monthly gain, adding 8,000 jobs.
Joel Prakken, chairman of Macroeconomic Advisers said the August data, following July's solid growth, "supports the notion that the underlying trend in hiring has picked back up after slowing sharply during the spring."
He said the increase was above the forecast for official jobs numbers that will be released by the U.S. Bureau of Labor Statistics Friday.
"Today's estimate, if matched by a similar reading on employment from the BLS on Friday, will alleviate concerns that the economy has slipped into a downturn," he said.
Image credit: FreeDigitalPhotos.net.
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