ADP Jobs August Jobs Report

Thursday, September 4, 2008, 8:15 A.M. ET
Nonfarm private employment decreased 33,000 from July to August 2008 on a seasonally
adjusted basis, according to the ADP National Employment Report®. The estimated change in
employment from June to July was revised down from an increase of 9,000 to an increase of
1,000.
The decline in August continues the recent trend in employment that is consistent with an
economy that is growing slowly but has not fallen into recession.
This month’s employment loss was driven by the goods-producing sector which declined 78,000
during August, its twenty-first consecutive monthly decline. The manufacturing sector marked
its twenty-fourth consecutive monthly decline, losing 56,000 jobs. These losses were somewhat
offset by employment gains in the service-providing sector of the economy which advanced by
45,000.
Large businesses, defined as those with 500 or more workers, saw employment decline 28,000,
while medium-size companies with between 50 and 499 workers declined by 25,000.
Employment among small-size businesses, defined as those with fewer than 50 workers,
advanced 20,000 during the month, after posting a stronger gain of 46,000 in July.
Two sectors of the economy hit hardest by recent problems in mortgage markets have been
residential construction and financial activities related to home sales and mortgage lending.
Today’s report suggests little lessening of the recent strain on employment in these industries. In August, construction employment dropped 25,000. This was its twenty-first consecutive monthly decline, and brings the total decline in construction jobs since the peak in August of 2006 to 377,000. Employment in financial activities declined 2,000 during the month.