The job market has seen some better days lately as according to paycheck processing firm ADP, private companies have added 201,000 jobs last month. Which is up from 173,000 in July. That is much better than a lot of projections. Click below to read more.
That was much better than the 143,000 jobs economists surveyed by Briefing.com were expecting.
The economy generally needs to add around 150,000 jobs per month just to keep up with the growing population. Anything above that chips away at the unemployment rate — likely a key metric in determining which candidate will win the presidential race.
The unemployment rate currently stands at 8.3%, well above the 10-year average.
The ADP report said the service sector added 185,000 new jobs, while the goods producing sector added 16,000.
Construction was a bright spot, rising for the third consecutive month. With an addition of 10,000 jobs, the sector saw its biggest gain since March.
And more good news on the jobs front: Two separate reports showed that layoffs are on the decline.
The Labor Department said that 365,000 people filed for first-time unemployment claims in the week ended September 1, a 12,000 drop from the week before.
