U.S. gains 177K private sector jobs in August

The nation’s private sector employment grew by 177,000 jobs in August, according to ADP.The Roseland-based payroll and human resources company said in its monthly National Employment Report that the services sector grew by 183,000 jobs in August, down from the 199,000 gained in July. But the goods-producing sector fell by 6,000 jobs, following July’s loss of 5,000.

“Job growth in August was stable and consistent with levels from previous months as consumer conditions improve,” Ahu Yildirmaz, vice president and head of the ADP Research Institute, said in a prepared statement. “Continued strong growth in service-providing jobs is offset by weakness in goods-producing areas.”

Among industries, manufacturing leveled out this month after gaining 5,000 jobs in July. Construction lost 2,000 jobs for the month. On the bright side, the professional/business services industry added 53,000 positions, while the trade/transportation/utilities industry added 26,000. The franchise industry also added 19,200 jobs.

Large businesses gained the most jobs in August, adding 70,000 positions, ADP said. Medium-sized businesses of 50 to 499 employees added 44,000 jobs, while small businesses, with fewer than 50 employees, added 63,000 jobs for the month.

“The American job machine continues to hum along. Job creation remains strong, with most industries and companies of all sizes adding solidly to their payrolls. The U.S. economy will soon be at full employment,” Mark Zandi, chief economist of Moody’s Analytics, said in a prepared statement.

The overall gain for the month was slightly above July’s gain of 172,000 jobs, but still below the target of 200,000 monthly jobs gained.