Private Payrolls Blow Away Expectations for August
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Posted On: 10/01/2019 1:08:36 PM
Private Payrolls Blow Away Expectations for August
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Private-sector payrolls jumped by 195,000 in August, according to Thursday’s estimate from ADP and Moody’s Analytics.
That was far more than expected. Economists surveyed by Econoday had forecast between 140,000 and 160,000. The previous month was revised down from 156,000 to 142,000.
The August figure belied fears that businesses might slow hiring amid widespread fears that the economy could be slowing or approaching a recession.
“Businesses are holding firm on their payrolls despite the slowing economy,” Mark Zandi, chief economist at Moody’s, said in a statement. “Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay.”
The manufacturing sector appears to have contracted in July. Yet it added 8,000 jobs in August, according to ADP and Moody’s.
Education and health services added 58,000 jobs, the strongest sector in August. Leisure and hospitality added 42,000. Construction added 6,000.
The private payroll estimate is often looked at as a prelude to the Labor Department nonfarm payrolls report, which will be released Friday.
In a separate report, the Labor Department said jobless claims rose by 1,000 to 217,000, a number consistent with a strong labor market.
< >
Private-sector payrolls jumped by 195,000 in August, according to Thursday’s estimate from ADP and Moody’s Analytics.
That was far more than expected. Economists surveyed by Econoday had forecast between 140,000 and 160,000. The previous month was revised down from 156,000 to 142,000.
The August figure belied fears that businesses might slow hiring amid widespread fears that the economy could be slowing or approaching a recession.
“Businesses are holding firm on their payrolls despite the slowing economy,” Mark Zandi, chief economist at Moody’s, said in a statement. “Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay.”
The manufacturing sector appears to have contracted in July. Yet it added 8,000 jobs in August, according to ADP and Moody’s.
Education and health services added 58,000 jobs, the strongest sector in August. Leisure and hospitality added 42,000. Construction added 6,000.
The private payroll estimate is often looked at as a prelude to the Labor Department nonfarm payrolls report, which will be released Friday.
In a separate report, the Labor Department said jobless claims rose by 1,000 to 217,000, a number consistent with a strong labor market.
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