A $1000 shirt is a talking point, a car elevator is a talking point, lies about a $77k deduction on a dressage horse is a talking point, even Michelle Obama's $7,000 tablecloth jacket is a talking point.
But a 1.5% in gdp growth and 8.2% unemployment is point everyone will be talking about in November and it's a disastrous reality!
"Today's estimate from ADP, if re-enforced by a similar reading on employment
from the BLS [Bureau of Labor Statistics] on Friday, will alleviate concerns
that the economy has slipped into a downturn," Prakken said.
Small businesses with fewer than 50 employees took the lead in hiring, adding
73,000 positions.
Medium-sized businesses grew payrolls by 67,000, while large companies with
at least 500 workers added 23,000 positions.
Manufacturers added 6,000 positions, while the service sector brought on
148,000 workers last month. Construction employment rose for the second straight
month, adding 5,000 jobs. The financial services sector added 9,000 positions,
the 12th month of gains.
Businesses have restored nearly four million jobs over the past 2.5 years,
according to ADP.
The current pattern of employment gains, averaging a little above 150,000 in
June and July, show that hiring isn't as weak as some say, said Paul Ashworth,
chief U.S. economist for Capital Economics.
"Not great, but just about enough to keep the unemployment rate on a gradual
downward trend," he said.
The ADP report -- which only tracks private-sector employment -- is closely
watched as a harbinger of the government's monthly jobs report. But it isn't
always a good predictor. In June, for example, the Labor Department's report
came in much weaker than the ADP report had many expecting.