ADP report showed rise by 237,000 jobs

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Wednesday, Aug 30 2017

ADP report showed rise by 237,000 jobs

Private sector employment increased by 237,000 jobs from July to August according to the August ADP National Employment Report. “In August, the goods-producing sector saw the best performance in months with solid increases in both construction and manufacturing,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Additionally, the trade industry pulled ahead to lead job gains across all industries, adding the most jobs it has seen since the end of 2016. This could be an industry to watch as consumer spending and wage growth improves.”

Separate report on GDP showed that increased at an annualised rate of 3.0% for the second quarter of 2017. This was an increase from the first estimate of 2.6% and above the consensus forecast of 2.7% while the economy expanded at the fastest pace since the first quarter of 2015. There was an upward revision to personal consumption expenditure growth to 3.3% from 2.8% previously. Investment made a positive contribution to the quarter with strong growth in non-residential capital spending. There was also a slightly larger net positive contribution from trade for the quarter.

More in this category: « Net Lending to Individuals lower in July Private Capital Expenditure up by 0.8% »

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