Posted on 09/04/2014 9:47:08 AM PDT by SeekAndFind
Businesses in the U.S. added 204,000 jobs in August, led by broad-based gains across industries and company sizes, according to the ADP National Employment report released Thursday. The figure fell short of the consensus estimate of 220,000, and was down from the 218,000 jobs the group said the economy added in July.
Continued monthly gains in job growth would signal to Federal Reserve policymakers labor market tightening, which could put pressure on employers to raise wages if labor is scarce. Wage gains, which have yet to really materialize, could in turn enable households to pickup their pace of spending and provide a boost to overall growth in the second half of the year.
Mark Zandi, chief economist for Moody’s Analytics, called the ADP figure a “solid number,” and the categorized the miss from the consensus estimate as immaterial. He also noted the stable job growth marked a unique aspect in the current recovery compared to past ones.
“If you go back historically and look at recoveries, it’s more boom-bust like,” Zandi said in a conference call following the report. “You’d get a period of very rapid job growth and then things cool off significantly. That’s not been the case this go around. Job gains have slowly accelerated.”
Despite the monthly gains, Zandi said the labor market still has “a long way to go” in terms of absorbing sources labor market slack, including long-term unemployed, discouraged workers who have stepped out of the labor force and part-time workers who would prefer to be working full-time.
“Even at the current pace of growth, we’re not going to get back to full employment until late 2016, which by the way would be almost a decade since the last time we were at full employment,” he said.
(Excerpt) Read more at usnews.com ...
On Tuesday Paychex, another payroll provider that specializes in small scale employers, released its monthly Paychex | IHS Small Business Jobs Index. The index looks at changes in rate of worker growth at 350,000 companies. Each business in the sample group has fewer than 50 employees and 80% have fewer than 20.
On a national basis the index decreased slightly in August to 100.99 from 101.11 in July, the slip marks third month on declines in the last for but comes off of a sharp record high in April. The barometer has increased 0.2% in the last 12-months, meaning the growth is picking up modestly.
Their index shows that August was the lowest month in 2014 for small-business hiring, but it’s still above what Paychex showed for the second half of 2013.
So the way the headline reads, government economists were “surprised” again...
Time to go back and look at the numbers for June to find the error.
Ever wonder why the job report are not released together for jobs gained and jobs lost for the month? or am I all wet?
How convenient. They didn’t include givernment jobs in this report, as they did in the past.
Further, 204,000 is a long way off full employment as a percentage of “the available” workforce.
The sink hole still exist, in that adding some 350,000 jobs a month is required to keep up with new entrants into the job market.
So there are plenty of college grads still unable to find gainful employment, much less return those who lost their jobs to equivalent paying positions.
I note the report says we won’t return to full employment until 2016.
Hmmm...yeah? Many economists and financial forcasters see another downturn in the economy and are waiting for that shoe to drop.
We still sit at, supposedly, a GDP growth rate of a miserly 1.5%, if givernment figures are to be believed.
How much job loss will there be at zero or negative growth, if Europe and China get sick?
China’s economy is currently contracting and Europe has issues on the horizon.
Unicorns and skittles...
Economist sounds like it’s a job as risk-free as a meteorologist.
‘Oops! I was wrong again by a wide margin! Oh well, let’s go have a drink!’
“Ever wonder why the job report are not released together for jobs gained and jobs lost for the month? or am I all wet?” LOL-—LOL—LOL
IF they ever did that! their PONSI scheme would be exposed!
Notice- what % of govt hires?
Where are the % “disappearing from workforce”figures
Oh, Never mind things are going along swell!!
Are ALL millennial’s this EASILY fooled?
Read a report (am always reading reports - LOL) and report stated millennials may be awakening. Don't know here and I agree somewhere the truth lays but not in the information provided within the link. Agree too much information is missing.
Interesting that somehow all jobs must fit into one of those 5 categories. I can only assume that all the new less then 29 hrs/week jobs created out of what used to be full time or under 35 hrs/week.
So now fry cooks, shelf stockers etc, all now considered Professional/Business Services?
Not government. Private sector.
This has never included government. It has always been private from ADP. The full Non-Farm report, which includes government employees (which has been declining BTW), comes on tomorrow morning 8:30 am.
Ever since Obama was installed the projected estimates have always come up short and the news just shrugs it off like no big deal...
RE: So now fry cooks, shelf stockers etc, all now considered Professional/Business Services?
If you make hamburgers at Burger King, I guess that would be MANUFACTURING them...
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