August was another good month for job creation.
According to the ADP National Employment Report, produced by the ADP Research Institute, in collaboration with Moody's Analytics, private sector employment increased by 237,000 jobs.
The report, which is derived from ADP's actual payroll data, shows that while the services sector was the major contributor, there was strong activity by goods producers.
“The job market continues to power forward,” said Moody's Analytics Chief Economist Mark Zandi. “Job creation is strong across nearly all industries, company sizes.”
Where the jobs are
Within the goods-producing sector, which created 33,000 new jobs, construction accounted for 18,000 positions, while there were 16,000 hires by manufacturers. Natural resources/mining lost 1,000 jobs.
Of the 204,000 new payroll positions in the services sector, 56,000 came in trade/transportation/utilities, followed by leisure/hospitality (+51,000), education/health services(+45,000), health care/social assistance (+42,000) and professional/business services (+39,000). Information lost 3,000 jobs.
Large businesses, with 115,000 hires, accounted for the bulk of the new jobs, followed by medium-sized firms (+74,000) and small concerns (+48,000).
“The goods-producing sector saw the best performance in months with solid increases in both construction and manufacturing," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Additionally, the trade industry pulled ahead to lead job gains across all industries, adding the most jobs it has seen since the end of 2016.”
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