ADP private sector jobs data
ADP said the private sector added a net 177k jobs in August, about 20k below expectations but completely offset and then some by an upward revision of 47k to its July figure. The growth in service sector jobs was cut in half from 303k in July to 154k in August. The goods producing sector hired a net 23k vs 21k last month.
In particular on the service side, after huge increases seen in June and July (I believe due to ADP's faulty seasonal adjustment), the hiring in leisure and hospitality cooled to 30k.
Manufacturing hired a net 12k and construction added 6k.
Hiring slowed from the previous few months with small and medium sized businesses.
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