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Financial News: U.S. Private Sector Employment Jumps More Than Expected

U.S. Private Sector Employment Jumps More Than Expected

08/30/2017 - 09:09:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. increased by more than anticipated in the month of August, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment jumped by 237,000 jobs in August following an upwardly revised increase of 201,000 jobs in July.

Economists had expected employment to climb by 185,000 jobs compared to the addition of 178,000 jobs originally reported for the previous month.

"In August, the goods-producing sector saw the best performance in months with solid increases in both construction and manufacturing," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

"Additionally, the trade industry pulled ahead to lead job gains across all industries, adding the most jobs it has seen since the end of 2016," she added. "This could be an industry to watch as consumer spending and wage growth improves."

ADP said the goods producing sector added 33,000 jobs in August, with employment in the construction and mining sectors climbing by 18,000 jobs and 16,000 jobs, respectively.

The service-providing sector also saw a notable increase of 204,000 jobs in August, with the leisure and hospitality, education and health services and professional and business services industries seeing notable job growth.

The report also said large businesses added 115,000 jobs, while employment at medium and small businesses increased by 74,000 jobs and 48,000 jobs, respectively.

On Friday, the Labor Department is scheduled to release it more closely watched monthly employment report, which includes both public and private sector jobs.

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