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ADP: 204,000 private jobs created in July

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ADP: 204,000 private jobs created in July

Total falls short of expectations; middle market sees gains.

Private sector employment increased by 204,000 jobs from July to August, according to payroll processing giant ADP. Middle market companies hired 75,000 new workers, which comprised 37% of the total.

Analysts had expected an increase of 220,000.

Goods-producing employment rose by 41,000 jobs in August, up from 23,000 jobs gained in July. The construction industry added 15,000 jobs over the month, slightly above last month’s gain. Meanwhile, manufacturing added 23,000 jobs in August, the highest total in that sector since December 2012.

Service-providing employment rose by 164,000 jobs in August, down from 190,000 in July. The ADP National Employment Report indicates that professional/ business services contributed 51,000 jobs in August, down from 60,000 in July. Expansion in trade/transportation/utilities grew by 28,000, down from July’s 43,000. The 5,000 new jobs added in financial activities was down almost half from last month’s number.

"August marks the fifth straight month of employment gains above 200,000, continuing an encouraging trend for the U.S. labor market,” said Carlos Rodriguez, president and chief executive officer of ADP.

Mark Zandi, chief economist of Moody’s Analytics, said, "Steady as she goes in the job market. Businesses continue to hire at a solid pace. Job gains are broad based across industries and company sizes. At the current pace of job growth the economy will return to full employment by the end of 2016.”

 

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