ADP reports that jobs growth rebounded for the second month in a row in August, up 195k (crushing expectations of a 148k rise and above the highest analyst estimate).
“In August we saw a rebound in private-sector employment,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“This is the first time in the last 12 months that we have seen balanced job growth across small, medium and large-sized companies.”
Service-proving jobs dominated once again, adding 184k, with goods-producing jobs rising 11k in August.
Mark Zandi, chief economist of Moody’s Analytics, said, “Businesses are holding firm on their payrolls despite the slowing economy. Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay."
This is a great jobs report, especially given BLS' revisions, but is it too good to allow Powell to cut next week?