ADP report showed 195k growth in private sector jobs in August, well above expectation of 140k. Jobs in goods-producing sector grew 11k while jobs in service-providing sectors grew 184k. Small businesses added 66k, medium business added 77k, large businesses added 52k.
“In August we saw a rebound in private-sector employment,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “This is the first time in the last 12 months that we have seen balanced job growth across small, medium and large-sized companies.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Businesses are holding firm on their payrolls despite the slowing economy. Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay.”
