Job creation at the company level in the United States rose about in line with expectations in August, despite weakness in manufacturing and construction. Such is the latest offering from research firms ADP and Moody's Analytics.
Companies added 177,000 positions for the month, just above Wall Street expectations for 175,000.
While the headline number appeared solid, the internals were a bit weaker. All of the new jobs came from services, which added 183,000 positions. Goods-producing industries actually lost 6,000 for the month.
The disappointment on the goods side featured a loss of 2,000 construction jobs and a net gain of zero in manufacturing. The goods-producing sector lost 5,000 jobs in July as well.
At an industry level, the biggest gains came from professional and business services, which added 53,000. Trade, transportation and utilities contributed 26,000, while financial activities grew by 15,000. Franchises added 19,200.
The avidly-awaited ADP numbers come only 48 hours ahead of Friday's non-farm payroll numbers for August, expected to show an increase of 185,000, with the unemployment rate likely to drop to 4.8%.
