August Jobs surged - Inside the ADP Report:
Bottom Line: Yesterday there was good news backed up by even more good news. Put it altogether and it was a great day! ADP's private sector jobs report was the most impressive since March and best overall since January. Here were the highlights:
- 237,000 jobs added
- positive revision of 23,000 jobs from prior months
We need to add about 125,000 new jobs per month to keep pace with population growth, so that means that we made solid progress this month. What's more is that the job growth for the first eight months of 2017 has blown away what we did during the first eight months last year.
- Through August of 2016 we'd added 1.4 million jobs
- Through August of 2017 we've added 1.8 million jobs
That's a 28% increase in new job growth year over year and it also is reflected in the economic growth which has been accelerating throughout the year. The only fly in the ointment was where the jobs were added.
Here are the jobs added by business size:
- Small (under 50 employees): +48,000
- Mid-sized (50-499 employees): +74,000
- Large (500+ employees): +115,000
Large company growth was outstanding. Mid-sized company growth was decent and small biz growth was a little lighter than we'd like to see. Ideally we'd prefer to see the large and small business numbers flipped, but we'll take it and hope that small business growth picks up next month.