The official Department of Labor estimate is out Friday. But this is an indicator. According to the Wall Street Journal:
The nonfarm private sector in the U.S. added over 50,000 more jobs in August than economists expected, helped by strong growth in midsize businesses and in the service sector.
The private sector added 195,000 jobs last month, according to the ADP National Employment Report. Economists polled by The Wall Street Journal were expecting 140,000 jobs.
Midsize businesses, or those that have between 50 and 499 employees, added 77,000 jobs. Those gains were followed by small businesses, or those with between 1 and 49 employees, which added 66,000 jobs. Large businesses, tagged as those with 500 or more employees, added 52,000 jobs.
August has seen the most growth in private-sector jobs since April when the sector added 255,000 jobs. The ADP Research Institute puts out its national employment report on a monthly basis working with Moody’s Analytics.
“Hiring has moderated, but layoffs remain low,” Mark Zandi, Moody’s Analytics chief economist said in prepared remarks. “As long as this continues recession will remain at bay.”
The gains for August were mostly in the service-providing sector, which added 184,000 jobs, according to the ADP report. The education and health services industry added 58,000 jobs, followed by leisure and hospitality’s 42,000 jobs. Trade, transportation and utilities added 39,000 jobs.
The goods-producing sector added 11,000 jobs, led by the manufacturing industry, which added 8,000 jobs. Construction added 6,000 jobs, but the natural resources and mining category hurt the goods-producing sector, losing 2,000 jobs.