Technology Career Fair Ahead Of Initial Jobless Claims Figures
Andrew Harrer/Bloomberg via Getty Images
By Luciana Lopez

NEW YORK -- U.S. private employers added 176,000 jobs in August, nearly matching economist expectations for the month, a report by a payrolls processor showed Thursday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs. July's private payrolls gains were revised to 198,000 from the previously reported 200,000.

The report is jointly developed with Moody's Analytics.


The ADP data comes one day before the U.S. government's report on August nonfarm payrolls, which investors will scour in hopes of divining the U.S. Federal Reserve's future direction on its massive asset-buying program.

The Fed is now weighing when to pull back on its purchases of $85 billion per month in Treasuries and mortgage-backed securities.

Views that the Fed could slow its buying pace as soon as its Sept. 17-18 meeting sent Treasuries yields to two-year highs recently.

But policymakers say their decisions will depend on data showing the health of the world's biggest economy. Policymakers want to see the unemployment rate closer to 6.5 percent from its current 7.4 percent.

Economists in a Reuters poll, however, see the August unemployment rate remaining flat.


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mac2jr

More jobs created than being reported? Yep, the Construction industry is a major provider or jobs, but most are unreported as employee jobs. A construction contractor firm, General Contractor, will hire sub-contractors to do the work as he or she does not have to declare a sub-contractor as an employee, thus avoiding insurance, taxes, and other legalities. The sub-contractor is usually a one or two person partnership that may be working on the books, or not. Therefore, for monthly reporting there are no new employees, even though the General Contractor may have more business than he or she can handle.

September 05 2013 at 11:28 AM Report abuse -2 rate up rate down Reply
jspfarm

What about all the seasonal jobs which ended after the Labor day shut downs in the tourism and hospitality industries?
Those never seem to count, these people are still unemployed no matter how you manipulate the numbers, anything t keep the Fed from taking away the big business giveaways.

September 05 2013 at 10:14 AM Report abuse +2 rate up rate down Reply
1 reply to jspfarm's comment
mac2jr

Companies like SeniorCitizenLocalWeb that feature the southwestern tourist spots are gearing up to boom as the SnowBirds flock from the colder north to the warmer southwest, thus the tourism and hospitality industries do not shut down, just shift to other locations.

September 05 2013 at 11:20 AM Report abuse -2 rate up rate down Reply
createidea

\" Policymakers want to see the unemployment rate closer to 6.5 percent from its current 7.4 percent \".

Current unemployment at 7.4% ??......

LOL !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

September 05 2013 at 10:09 AM Report abuse +4 rate up rate down Reply
David

Yeah right. Why is U-6 unemployment still at 14%?

September 05 2013 at 9:39 AM Report abuse +2 rate up rate down Reply