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U.S. private sector job growth picks up in August: survey

Xinhua, September 3, 2015 Adjust font size:

The U.S. private sector job growth picked up a little bit in August despite recent turmoil in the global financial market, said a private survey released Wednesday.

U.S. private companies added 190,000 jobs in August, up from a downwardly revised 177,000 in the previous month, said the National Employment Report released jointly by Automatic Data Processing (ADP) and Moody's Analytics, based on a monthly survey.

"The job growth numbers for August improved slightly from July," said Carlos Rodriguez, president and chief executive officer of ADP. "The employment gains for the month are in line with the year to date average."

In August, small- and medium-sized businesses accounted for most of the employment gains, adding 151,000 jobs, while large businesses with over 500 employees added 40,000 jobs, according to the report.

Employment in the service sector rose by 173,000 jobs in August, up from 170,000 in the previous month. Meanwhile, the manufacturing sector added 7,000 jobs, after gaining only 1,000 in the prior month.

"Recent global financial market turmoil has not slowed the U.S. job market, at least not yet," said Mark Zandi, chief economist of Moody's Analytics. "Job growth remains strong and broad-based, except in the energy industry, which continues to shed jobs."

The ADP survey studied data from private businesses with more than 23 million workers on payrolls but excluded government job growth. The Labor Department will release its jobs report for August on Friday, which is the key indicator for the Federal Reserve to decide whether to start raising interest rates at its next policy meeting on Sept. 16-17.

The chances for an interest rate hike in September have come down in recent weeks due to the turbulence in global financial markets and a slowdown in world economy. Forty-eight percent of 54 economists surveyed by Bloomberg News on Aug. 27-31 expected the Fed to hike interest rates in September, down from 77 percent in an early August survey.

However, Fed Vice Chairman Stanley Fischer said last week that it was too early to tell what will happen at the September meeting. "We haven't made a decision yet, and I don't think we should make a decision" until considering all the information available, he said. Endit