9/6: MetroIntelligence Economic Update by P. DUFFY

ADP:  August private-sector employment rose by 195,000 jobs

Private sector employment increased by 195,000 jobs in August, with nearly all the gains noted in the service-producing sector.  This rate of growth compares with 142,000 in July and 159,000 in August of 2018.



August planned job cuts rose 38 percent from July and 39 percent year-on-year

U.S.-based employers ramped up the pace of downsizing in August, as companies announced plans to cut 53,480 jobs from their payrolls, up 38 percent from July and 39 percent year-on-year. So far this year, employers have announced plans to cut 423,312 jobs from their payrolls, up 36.2 percent versus the same months of 2018.



Service sector index rebounds to 56.4 in August

The NMI® registered 56.4 percent in August, which is 2.7 percentage points higher than the July reading of 53.7 percent. The non-manufacturing sector’s rate of growth rebounded after two consecutive months of cooling off. The respondents remain concerned about tariffs and geopolitical uncertainty; however, they are mostly positive about business conditions.