ADP Aug. jobs estimate below expectations; competition for workers
Private-sector employment increased by 163,000 in August, on a seasonally adjusted basis, ADP estimated Thursday.
In July, ADP says 217,000 jobs were added, compared to its previous estimate of 219,000.
Economists surveyed by IFR Markets projected a 190,000 job gain for June.
“Although we saw a small slowdown in job growth the market remains incredibly dynamic,” according to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Midsized businesses continue to be the engine of growth, adding nearly 70 percent of all jobs this month, and remain resiliant in the current economic climate.”
“The job market is hot,” said Mark Zandi, chief economist of Moody’s Analytics. “Employers are aggressively competing to hold onto their existing workers and to find new ones. Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions.”