Market Overview

August Private Sector Job Growth Largest Since Spring

August Private Sector Job Growth Largest Since Spring

Private sector employment rose in August, taking its biggest jump in three months and increasing broadly across several sectors, according to the ADP National Employment Report based on private payroll data released Thursday.

Non-farm private sector employment increased by 195,000 jobs from July to August, the biggest gain since April.

The growth was led by robust hiring in services, particularly in health care and the hospitality sector, with strength in those and other industries offsetting slowing job growth in information tech. Increases were seen in companies of all sizes.

"This is the first time in the last 12 months that we have seen balanced job growth across small, medium and large-sized companies,” said Ahu Yildirmaz, vice president of the ADP Research Institute, which produces the report with Moody’s Analytics from ADP’s payroll data.

Private sector job growth was weaker than it was through much of the spring, but rebounded from lackluster growth in the early summer months.

"Businesses are holding firm on their payrolls despite the slowing economy,” added Mark Zandi, chief economist of Moody's Analytics. “Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay."

Health care and social assistance accounted for 45,000 new jobs, while the leisure and hospitality industry added 42,000.

Related Links:

US Added 164K Jobs In July, Unemployment Rate Remains Steady

June Employment Numbers Outpace Expectations

Posted-In: Jobs Data US economyNews Econ #s Best of Benzinga


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