The non-farm private sector added 177,000 jobs in August, according to the ADP National Employment Report, a decrease from July’s revised growth of 194,000. Service-providing jobs accounted for all of the month’s growth, while goods-producing employment declined for the fifth consecutive month.
Small businesses with fewer than 50 employees added 63,000 jobs, down from 68,000 in July. Medium-sized businesses wish 50-499 employees added 44,000 jobs, down from 71,000 last month. Large businesses added 70,000 jobs, up from 56,000 in July.
Service-providing employment rose by 183,000 jobs, 53,000 of which were in the professional and business services sector. In contrast, goods-producing employment fell for the fifth consecutive month, shedding 6,000 jobs amid cuts in the construction industry.
“The American job machine continues to hum along,” said Mark Zandi, chief economist of Moody’s Analytics. “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.”
Read the ADP release.
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