|09-04-2014, 04:32 PM||#1|
Private sector employment up 204,00 in August
Private employment slowed a bit in August, trailing what was anticipated but still maintaining the pace of job making in 2014.
ADP said the economy added 204,000 in August in the private sector, compared with 212,000 in July. Analysts by Bloomberg called for a 220,000 increase.
Job creation was more solid in the services sector, which added 164,000 jobs, below the 190,000 made last month.
Goods-producing companies added 41,000 in August, compared with 23,000 in July.
Professional services added 51,000, while trade, transportation and utilities added 28,000.
The biggest highlight in the report was manufacturing job creation, which gained 23,000, the best since December 2012. Construction contributed 15,000, a slight improvement than July.
Small business (fewer than 50 workers) set the pace in terms of size, adding 78,000, while medium-sized businesses contributed 75,000 and large firms hired 52,000.
The numbers suggest that Friday’s jobs report by the Labor Department will show another 200,000-plus payroll increase for the seventh straight month
Investors awaiting the government’s jobs report tomorrow will likely be watching the employment index in the Institute for Supply Management’s (ISM) survey of executives in the U.S. services sector.
Service providers in health care, finance, education and the like employ more than 80% of all American workers. Last month, the ISM’s employment index for the service sector totaled a healthy 56%. Any reading over 50% effectively means companies are hiring.
Employment growth in the U.S. closely tracks changed in the combined ISM employment indices for the manufacturing and the services sectors, which are now signaling job creation will continue to improve.
As the U.S. largest payroll-processing firm, ADP gives a good image on how fast the job market is growing.
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