The U.S. economy added 163,000 private, non-farm jobs in August, according to the monthly employment report released today by payroll-management firm ADP and its partner Moody’s Analytics. The seasonally adjusted result is approximately 25 percent lower than July’s downwardly revised addition of 217,000 jobs, and marks a 4 percent decrease from last August, when 170,000 jobs were created.
“Although we saw a small slowdown in job growth the market remains incredibly dynamic,” said ADP Research Institute vice president and co-head Ahu Yildirmaz in a press release. “Midsized businesses continue to be the engine of growth, adding nearly 70 percent of all jobs this month, and remain resilient in the current economic climate.”
“The job market is hot,” said Moody’s Analytics chief economist Mark Zandi in the same release. “Employers are aggressively competing to hold onto their existing workers and to find new ones. Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions.”
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