According to the ADP National Employment Report, the non-farm private sector added 190,000 jobs in August, up from 177,000 in July. Both the goods- and service-providing sectors saw stronger job growth last month.
Mark Zandi, chief economist of Moody’s Analytics, said, “Recent global financial market turmoil has not slowed the U.S. job market, at least not yet. Job growth remains strong and broad-based, except in the energy industry, which continues to shed jobs. Large companies also remain more cautious in their hiring than smaller ones.”
Small businesses, with less than 50 employees, added 85,000 jobs in August, up from 63,000 in July. Medium-sized businesses, with 50 to 499 employees, added 66,000 jobs, up from 61,000 last month. Large businesses, with 500 or more employees added 40,000 employees, down from 53,000 in July.
Goods-producer employment rose by 17,000 jobs, more than doubling July’s increase. Manufacturing experienced significant growth during the month, adding 7,000 jobs to payroll after gaining only 1,000 in July. This is encouraging news, after a report yesterday from the Institute for Supply Management that growth of in manufacturing has slowed.
Service-provider employment rose by 173,000, up slightly from 170,000 jobs added in July. Professional and business services were the largest contributor, adding 29,000 jobs, while trade, transportation and utilities added 28,000.
Year to date, the private sector as a whole added 1.57 million jobs – down from the 1.83 million in the first 8 months of 2014.
Read the ADP release.
