US private companies created 38,000 jobs in August
US private companies created 38,000 jobs in August, below the upwardly revised July figure of 46,000 and the Dow Jones consensus forecast of 47,000. This was the smallest monthly employment gain since January, CNBC Top News reports, citing a report by ADP.
Growth in three sectors
The education and health services category added the most jobs, with 45,000. Employment in leisure and hospitality increased by 16,000, while construction added 12,000 jobs.
At the same time, manufacturing lost 17,000 jobs, while professional and business services lost 16,000. Natural resources and mining, as well as trade, transportation and utilities, each recorded a decline of 5,000 jobs.
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Contribution of large employers
Companies with 500 or more employees added 34,000 jobs. At businesses employing fewer than 50 people, employment increased by 3,000.
According to ADP, wage growth rates remained unchanged in August. For employees who stayed in their positions, base pay increased by 3% year-on-year, while total pay, which includes tips, commissions, bonuses and other payments, rose by 4.4%. For all employees, the respective figures were 3.2% and 4.7%.
The ADP report was released ahead of the publication of US Bureau of Labor Statistics data on nonfarm employment. According to the forecast, the figure will increase by 53,000 in August after a decline of 23,000 in July, while the unemployment rate will stand at 4.1%.
