Automated Data Processing (ADP) said that manufacturers added 23,000 workers in August, its largest monthly gain since December 2012. It was also the seventh straight increase in net hiring for the manufacturing sector, rebounding from a weather-related decline in January. Over the course of the past 12 months, manufacturers have expanded employment by 115,000, averaging just over 12,000 new employees per month over that time frame. Note that this is somewhat lower than the 15,000-per-month average seen in Bureau of Labor Statistics (BLS) figures since last August.
In the larger economy, nonfarm private businesses added 204,000 employees on net in August, averaging 218,000 since January and 206,000 over the past year. These trends are largely consistent with official government data, which also have reflected healthy gains in employment during that time frame. Tomorrow’s BLS jobs figures are also expected to be strong, with a consensus expectation of 220,000.
In August, the largest job gains were seen in the professional and business services (up 51,000); trade, transportation and utilities (up 28,000); construction (up 15,000); and financial activities (up 5,000). Small and medium-sized businesses (e.g., those with less than 500 employees) contributed three-quarters of the net new jobs.
Chad Moutray is the chief economist, National Association of Manufacturers.
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