ADP: Private employment grew by 204,000 in August
Bulk of gains from small businesses in fifth month over 200K
Private-sector employment increased by 204,000 from July to August, on a seasonally adjusted basis, according to the early jobs report from ADP for August.
Highlights include small businesses gained more than 78,000, while medium businesses (50-499 employees) gained 75,000. Large businesses, those over 500 employees, gained 52,000.
“August marks the fifth straight month of employment gains above 200,000, continuing an encouraging trend for the U.S. labor market,” said Carlos Rodriguez, president and chief executive officer of ADP.
The formal employment situation report from the Bureau of Labor Statistics will be available Friday. Historically, ADP’s report has come in on the high side of what BLS reports.
The ADP national employment report is computed from a subset of ADP records that represent approximately 400,000 U.S. business clients and approximately 23 million U.S. employees working in all private industrial sectors.
ADP contracted with Moody’s Analytics to compute a monthly report that would ultimately help to predict monthly nonfarm payrolls from the Bureau of Labor Statistic's employment situation. The ADP report only covers private (excluding government) payrolls.