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U.S. private-sector employment rose by 176,000 jobs in August, according to the national employment report released today by Automatic Data Processing Inc. (NASD: ADP). July’s employment growth was revised down slightly to 198,000 from 200,000.
“It is steady as she goes in the job market,” said Mark Zandi, chief economist at Moody’s Analytics, which produces the report with ADP. “Job gains in August were consistent with increases experienced over the past two-plus years. There is little evidence that fiscal austerity and healthcare reform have had a significant impact on the job market.”
The service-providing sector added 165,000 jobs in August, down from 176,000 in July. Professional/business services added the most jobs in August with 50,000. Trade/transportation/utilities grew by 40,000 jobs. Financial activities added only 1,000 jobs, the category’s smallest monthly increase since June of 2012.
The goods-producing sector added 11,000 jobs in August, at roughly half the growth rate of July. Construction added 4,000 jobs, while manufacturing payrolls increased by 5,000, rebounding from a decline in July.
Medium-sized businesses added the most jobs in the month with 74,000, followed by small firms with 71,000 jobs. Large business added 32,000 jobs.
The report is derived from a sample of ADP data from approximately 400,000 U.S. business clients representing more than 24 million U.S. employees. Methodology utilizes ADP payroll data, U.S. Bureau of Labor Statistics employment data, and the Philadelphia Federal Reserve Bank’s Aruoba-Diebold-Scotti Business Conditions Index.