by Bill McBride on 8/31/2016 08:19:00 AM
Wednesday, August 31, 2016
Private sector employment increased by 177,000 jobs from July to August according to the August ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was close to the consensus forecast for 175,000 private sector jobs added in the ADP report.
Goods-producing employment was down by 6,000 jobs in August, following July losses of 5,000. The construction industry lost 2,000 jobs, following July losses of 5,000 jobs. Meanwhile, manufacturing jobs were flat in August, after gaining 5,000 in the previous month.
Service-providing employment rose by 183,000 jobs in August, fewer than July’s 199,000 jobs.
Mark Zandi, chief economist of Moody’s Analytics, said, “The American job machine continues to hum along. Job creation remains strong, with most industries and companies of all sizes adding solidly to their payrolls. The U.S. economy will soon be at full employment.”
The BLS report for August will be released Friday, and the consensus is for 175,000 non-farm payroll jobs added in August.
Posted by Bill McBride on 8/31/2016 08:19:00 AM