ADP Survey Shows Businesses Add 176,000 Jobs in August
According to payroll company ADP’s economic survey, American businesses—both public and private—added 176,000 jobs in August, shy of the numbers posted in June and July. The company reported that professional and business-services firms added 50,000 jobs, manufacturers added 5,000 jobs, and construction firms added 4,000 jobs.
ADP figures frequently differ from those released by the U.S. Department of Labor, in this case reporting a far lower monthly average for 2013 (170,000 jobs) compared to the DOL’s 196,000 average added monthly jobs through.
Mark Zandi, chief economist at Moody’s Analytics, the compiler of the ADP report, notes that the economy is showing “remarkably consistent” job creation and is holding up better than he anticipated. He expected slowed job growth after the federal budget cuts in March and in the lead up to the full implementation of the PPACA. Employers are in the midst of preparing for the health care law, which requires the provision of health insurance to full-time workers or suffer a hefty financial penalty for each employee found not in compliance with federal regulations. Thus, the new provision may motivate many employers to reduce the number of full-time jobs despite the laws delayed effective date in 2015.
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