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ADP Research Institute reported the addition of 204,000 nonfarm private sector jobs for the month of August on a seasonally-adjusted basis in its August National Employment Report, released on September 4.
While this number is down from 212,000 private sector jobs added in July and 297,000 in June, the trend shown by the increase in private sector employment since the start of 2014 has been promising, said Carlos Rodriguez, president and chief executive officer of ADP.
“August marks the fifth straight month of employment gains above 200,000, continuing an encouraging trend for the U.S. labor market," Rodriguez said.
Of those 204,000 private sector jobs added, more than 78,000 of them were small business jobs, defined as having between one and 49 employees. About 75,000 of the new jobs were at medium businesses, which employ between 50 and 499 people; and more than 52,000 of the jobs were at large businesses, or those with 500 or more employees.
Goods-producing jobs accounted for approximately 41,000 of the positions added in the private sector in August, a significant gain from the 23,000 goods-producing jobs added in July, ADP reported. About 23,000 of the 41,000 jobs added in August were in the manufacturing industry (its highest level in nearly two years) and about 15,000 of them were in construction (a slight increase from July).
Meanwhile, service-producing jobs made up about 164,000 of the private sector jobs added in August, according to ADP. This number represents a decline from 190,000 in July. The professional/business services industries added 51,000 jobs, and the trade/transportation/utilities industries were next with 28,000. The number of jobs added in the financial industry totaled 5,000 for August. All of these numbers were down from their July totals, according to ADP.
"Steady as she goes in the job market," said Mark Zandi, chief economist of Moody’s Analytics. "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."
