Forex
Businesses in US Creates 237,000 Jobs in August
- Businesses in US Creates 237,000 Jobs in August
Private companies in the US added more workers than predicted in August, suggesting the labor market remains healthy amid growing concerns.
Privately held businesses added 237,000 jobs in August, according to ADP Research Institute. The largest gain in five months.
Demand for workers remains high and business dismissals are minimal and at a three decade low. The growing new job creation suggests labor market growth will continue into the second half of the year.
“The job market continues to power forward,” Mark Zandi, chief economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said in a statement. Moody’s produces the figures with ADP. “Job creation is strong across nearly all industries, company sizes. Mounting labor shortages are set to get much worse.”
The economy expanded 3 percent in the second quarter, revised up from the 2.6 percent previously estimated. Another indication of growing US economy and reason to believe wage growth will pick up going forward.