The ADP Employment Report was released Wednesday morning and handily topped Bloomberg expectations. Nonfarm private sector employment jumped 237,000 for the month of August, beating estimates that called for 185,000, within the consensus range of 145,000 to 245,000. That handy beat may help reset expectations for Friday’s Employment Situation Report from the U.S. Department of Labor.
July’s nonfarm private payrolls had previously come in at 178,000, but that was revised up to 201,000.
In August’s report, small business contributed 48,000, midsized business contributed 74,000, and large business contributed 115,000 to the private sector payrolls.
The goods-producing sector contributed 33,000 to the number, consisting of increases of 18,000 and 16,000 in construction and manufacturing, respectively. Natural resources and mining fell by 1,000.
The service-providing sector had a total of 204,000 private payrolls, with its segments reporting as follows:
- Trade, Transportation & Utilities increased 56,000.
- Information decreased 3,000.
- Financial Activities increased 11,000.
- Professional & Business increased 39,000.
- Education & Health increased 45,000.
- Leisure & Hospitality increased 51,000.
- Other Services increased 5,000.