The U.S. economy added 177,000 private, non-farm jobs in August, according to the monthly employment report released today by payroll-management firm ADP and its partner Moody's Analytics. Moody's Analytics chief economist Mark Zandi remains bullish about employment and the economy overall, however.
"The market is sturdy and strong, and the rate of job creation is very good," Zandi said in a conference call this morning. "Unemployment and underemployment continue to decline—the economy is not quite at full employment, but we're pretty close."
For the third consecutive month, employment in the construction sector contracted, with 2,000 jobs lost in August. Manufacturing employment was flat, and the professional and business services sector—which includes architecture and engineering firms—continued to add jobs, netting 53,000 payroll positions during the same period.