US ADP Adds 204,000 jobs in August

U.S. companies hired 204,000 workers in August, below what analysts had projected as well as the level set in July, a report by a payrolls processor released on Thursday showed.

Economists surveyed by Reuters had forecast that the ADPNational Employment Report would show 220,000 jobs added in the month.

In July, 212,000 jobs were added, according to the revised data, a level that was well off the 281,000 added in June. June’s reading was the strongest since November 2012.

 
The report is jointly developed with Moody’s Analytics.

“Something that feels unique compared with other recoveries is how remarkably stable the jobs growth is,” said Mark Zandi, chief economist at Moody’s Analytics, who said that as long as monthly jobs growth remained above 200,000, “the economy will be at full employment by the end of 2016.”

The ADP report comes a day ahead of the closely watched nonfarm payroll report, which is expected to show 225,000 jobs added in August, up from July’s 209,000.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza