The U.S. economy added 237,000 private, non-farm jobs in August, according to the monthly employment report released this morning by payroll-management firm ADP and its partner Moody’s Analytics. The seasonally adjusted result is a 17.91 percent increase from July’s upwardly revised addition of 201,000 jobs, and a 68.08 percent increase over the previous August, when 141,000 jobs were created.
In a conference call with the press this morning, Mark Zandi, chief economist of Moody’s Analytics, reported that job numbers are holding up particularly well because there are no significant headwinds to employment growth at the moment—since early 2016, the global economy has found its footing, and credit growth has been strong. However, Zandi expressed concern that this could change, especially if the government can’t resolve a budget in a timely manner once Congress reconvenes in September.
“The job market continues to power forward. Job creation is strong across nearly all industries, [and] company sizes. Mounting labor shortages are set to get much worse,” Zandi said in a press release. “The initial BLS employment estimate is often very weak in August due to measurement problems, and is subsequently revised higher. The ADP number is not impacted by those problems.”