Company payrolls surged by 195,000 in August, well above Wall Street estimates and at a time when fears have been growing about a looming recession, according to a report Thursday from ADP and Moody’s Analytics.
In all, services accounted for 184,000 of the total, with goods-producing industries adding 11,000. Manufacturing grew by 8,000 and construction contributed 6,000, though natural resources and mining saw a reduction of 2,000. Information services saw a loss of 6,000 jobs.
Companies with 50 to 499 employees were the largest growth sector at 77,000, though small businesses grew by 66,000. Firms with more than 1,000 employees saw growth of 47,000.
The ADP/Moody’s count comes a day ahead of the more closely watched Labor Department nonfarm payrolls report. Dow Jones estimates that the report will show payroll growth of 150,000 after July’s 164,000 with the unemployment rate staying at 3.7%.
More at: https://www.cnbc.com/2019/09/05/payr...adpmoodys.html
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