The private sector added 190,000 jobs in August according to payrolls processor ADP. This is below the 201,000 jobs forecasted by economists surveyed by Reuters. Shartia Brantley reports.
TV AND WEB RESTRICTIONS~****~ The U.S. labor market cooled a bit in August. Private employers added 190,000 jobs, according to payrolls processor ADP. This is below the 201,000 jobs forecasted by economists surveyed by Reuters. The July figures were also revised down. Professional and business services and trade, transportation and utilities added the most jobs. Small businesses led mid-size and large companies in job creation. Wells Fargo Securities' Sarah House says: "The breadth of job gains is encouraging. When we look at the formation of jobs at small businesses, it shows that the recovery is trickling down to Main Street." The U.S. Labor Department will release its nonfarm payrolls report on Friday. Economists polled by Reuters expect 220,000 jobs in August and the unemployment rate is forecast to tick down to 5.2 percent from 5.3 percent in July. This data will be closely watched by the Federal Reserve as it weighs the timing of an interest rate hike. The Fed meets in mid-September.