This morning’s employment report from ADP fell short of economists’ expectations, showing the addition of 190,000 jobs to private payrolls. Prior to the release, economists polled by Reuters were predicting 201,000 jobs added. July’s report was revised downward to 177,000 jobs from 185,000.
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“Recent global financial market turmoil has not slowed the U.S. job market, at least not yet,” says Mark Zandi in a prepared statement. Zandi is chief economist of Moody’s Analytics, which produces the report with ADP. “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.”
Large companies, with 500 or more employees, added 40,000 jobs last month. The biggest gains in that segment were among the very largest businesses: those with over 1,000 employees added 34,000 jobs. Medium-sized businesses with between 50 and 499 employees added 66,000 jobs; small companies with fewer than 50 employees added 85,000 jobs, a one-third increase from July.
Several industries showed growth last month, including professional and business services (+29,000 jobs); trade, transportation, and utilities (+28,000 jobs); construction (+17,000 jobs); financial activities (+13,000 jobs); and manufacturing (+7,000 jobs).
Economists are predicting that Friday’s report form the labor department, which tallies both public and private companies, will show the addition of 218,000 jobs. The PayScale Index, which measures the change in wages for all employed U.S. workers, forecasts a 0.4 percent increase in pay for the third quarter.
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