US: Private sector employment increased by 237,000 jobs in August

"Private sector employment increased by 237,000 jobs from July to August," according to the August ADP National Employment Report.

Key quotes:

• Ahu Yildirmaz, vice president and co-head of the ADP Research Institute: "In August, the goods-producing sector saw the best performance in months with solid increases in both construction and manufacturing."
• "“Additionally, the trade industry pulled ahead to lead job gains across all industries, adding the most jobs it has seen since the end of 2016."
• "This could be an industry to watch as consumer spending and wage growth improves."
• Mark Zandi, chief economist at Moody’s Analytics: "The job market continues to power forward. Job creation is strong across nearly all industries, company sizes."
• "Mounting labor shortages are set to get much worse. The initial BLS employment estimate is often very weak in August due to measurement problems, and is subsequently revised higher."
• "The ADP number is not impacted by those problems."