The private sector of the U.S. economy continued to add jobs, building in August on the previous month's advance.
Moody's Analytics Chief Economist Mark Zandi predicts the U.S. economy will soon be at full employment.
"The American job machine continues to hum along,” he said. “Job creation remains strong, with most industries and companies of all sizes adding solidly to their payrolls.”
As is usually the case, the bulk of the new jobs (63,000) came in small businesses, those with 49 or fewer employees. Employment at companies with 50-499 employees rose by 44,000 jobs, while large companies -- those with 500 or more employees -- increased by 70,000. Firms with 500-999 employees added 25,000 and mega-companies -- those with more than 1,000 employees -- added 46,000.
Goods and services employment
The goods-producing sector of the economy lost 6,000 jobs in August, after losing 5,000 in July. Two-thousand jobs disappeared from the construction, while job creation in manufacturing industries was flat, after gaining 5,000 in the previous month.
Service-providing employment, on the other hand, rose by 183,000, with professional/business services contributing 53,000 jobs, trade/transportation/utilities adding 26,000 jobs, and jobs in financial activities growing by 15,000.
"Job growth in August was stable and consistent with levels from previous months as consumer conditions improve," said Ahu Yildirmaz, vice president and head of the ADP Research Institute. "Continued strong growth in service-providing jobs is offset by weakness in goods-producing areas."
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