The ADP Employment Report was released Wednesday morning and handily topped Bloomberg expectations. Nonfarm private sector employment jumped 237,000 for the month of August, beating estimates that called for 185,000, within the consensus range of 145,000 to 245,000. That handy beat may help reset expectations for Friday’s Employment Situation Report from the U.S. Department of Labor.
July’s nonfarm private payrolls had previously come in at 178,000, but that was revised up to 201,000.
In August’s report, small business contributed 48,000, midsized business contributed 74,000, and large business contributed 115,000 to the private sector payrolls.
The goods-producing sector contributed 33,000 to the number, consisting of increases of 18,000 and 16,000 in construction and manufacturing, respectively. Natural resources and mining fell by 1,000.
The service-providing sector had a total of 204,000 private payrolls, with its segments reporting as follows:
- Trade, Transportation & Utilities increased 56,000.
- Information decreased 3,000.
- Financial Activities increased 11,000.
- Professional & Business increased 39,000.
- Education & Health increased 45,000.
- Leisure & Hospitality increased 51,000.
- Other Services increased 5,000.
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.