U.S. companies add a solid 177,000 new jobs, ADP says
According to the Automatic Data Processing Payroll Service, private sector employers added 177,000 new jobs in August, versus 194,000 in July. Despite the drop, August’s numbers met analyst expectations and therefore send a positive signal to the Fed, who may choose to hike interest rates when they meet on September 20-21. Chief economist at Moodys, Mark Zandi, believes that the “US economy will soon be at full employment.” By increasing payrolls by 53,000, the business and professional services sector was highlighted as the main force behind the private-sector growth. Contrastingly, with 2,000 less jobs in August, construction companies marked their third-straight monthly decline. The ADA’s report also bolster’s analysts predictions for a strong Labor Department report on Friday, which would also increase the likelihood of an interest rate hike.
See "U.S. companies add a solid 177,000 new jobs, ADP says", Jim Puzzanghera, Los Angeles Times, August 31, 2016