The ADP payrolls report was released Thursday morning, showing that private sector payrolls increased by 204,000 in the month of August. This came in short of Bloomberg’s estimate of 223,000, and the previous month of July marked a level of 218,000. The ADP Small Business report added 78,000 jobs for the month, while the National Franchise Report showed 21,360 new jobs.
Employment in goods-producing jobs rose by 41,000 in August, compared to the 23,000 increase in July. Also the construction industry gained 15,000 jobs this month just above the previous month. Manufacturing hit a high of 23,000 new jobs, which had not been seen since the end of 2012.
Service-producing employment increased by 164,000 in August, which fell from July’s total of 190,000. ADP mentions that professional and business services fell to 51,000 for this month from the previous month’s 60,000. Trade, transportation and utilities grew by 28,000, which fell from 43,000 in July.
Carlos Rodriguez, the president and CEO of ADP, said, “August marks the fifth straight month of employment gains above 200,000 continuing an encouraging trend for the U.S. labor market.”
Businesses with less than 50 employees totaled at 78,000 for August, which fell from 89,000 in July. Medium-sized firms — 50 to 499 employees — rose by 75,000, which was down from 88,000 in the previous month. Large companies marked a bigger increase from the previous month, totaling at 52,000, from the previous 35,000.
This report is derived from ADP’s payroll data, which represent 411,000 U.S. clients employing nearly 24 million workers. The report also measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
READ ALSO: America’s Disappearing Jobs
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
