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Financial News: U.S. Private Sector Jobs Growth Slows More Than

U.S. Private Sector Jobs Growth Slows More Than Expected In August

09/06/2018 - 09:09:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. rose by less than expected in the month of August, according to a report released by payroll processor ADP on Thursday.

ADP said private sector employment climbed by 163,000 jobs in August after jumping by a revised 217,000 jobs in July.

Economists had expected an increase of about 190,000 jobs compared to the spike of 219,000 jobs originally reported for the previous month.

"Although we saw a small slowdown in job growth the market remains incredibly dynamic," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

She added, "Midsized businesses continue to be the engine of growth, adding nearly 70 percent of all jobs this month, and remain resilient in the current economic climate."

The report said employment at medium-sized businesses increased by 111,000 jobs in August, while employment at large and small businesses edged up by 31,000 jobs and 21,000 jobs, respectively.

ADP also said employment in the service-providing sector climbed by 139,000 jobs. Employment in the goods-producing sector crept up by 24,000 jobs.

"Employers are aggressively competing to hold onto their existing workers and to find new ones," said Mark Zandi, chief economist of Moody's Analytics. "Small businesses are struggling the most in this competition, as they increasingly can't fill open positions."

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

The report is expected to show employment increased by about 191,000 jobs in August after rising by 157,000 jobs in July. The unemployment rate is expected to dip to 3.8 percent from 3.9 percent.

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