Newest Job Growth Numbers Smash Economists' Projections
The August jobs number came in well above Wall Street estimates, according to a report released Thursday by ADP and Moody’s Analytics.
ADP reported that private-sector payrolls grew by 195,000 during the month, even as many media outlets and Democrat politicians speculated whether the economy was entering into a recession.
The hiring figure was 55,000 higher than projected and 47,000 above the July number.
It also marked a four-month high in jobs added.
U.S. companies add most jobs in four months, ADP shows.
Jobs data came 47k above consensus.
Without ignoring the challenges, today’s overall macro data continues to show that the US is doing much better than its comparable economies. pic.twitter.com/sGKZNYWAaM
— Daniel Lacalle (@dlacalle_IA) September 5, 2019
“Economists surveyed by Dow Jones had been looking for a gain of just 140,000 following July’s 142,000, which was reduced downward by 14,000 from the original count,” CNBC reported.
“August’s growth was the best showing since the 255,000 added in April,” the report said.
Mark Zandi, chief economist at Moody’s Analytics, said in a statement that “businesses are holding firm on their payrolls despite a slowing economy.”
“Businesses are holding firm on their payrolls despite the slowing economy,” Zandi said.
“Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay,” he added.
Only about one-third of economists surveyed by The Wall Street Journal believe the U.S. is entering into a recession.
President Donald Trump celebrated the news Thursday morning, tweeting, “Really Good Jobs Numbers!”
Really Good Jobs Numbers!
— Donald J. Trump (@realDonaldTrump) September 5, 2019
Both The New York Times’ Maggie Haberman and The Washington Post’s Aaron Blake accused Trump of engaging in wrongdoing by tweeting about the jobs numbers.
Did potus get an advance look at numbers out….tomorrow? And try to spin them ahead of time, which is deeply questionable as an action by a president? https://t.co/WHuXe0A3zx
— Maggie Haberman (@maggieNYT) September 5, 2019
They apparently thought the president was referring to the official jobs report due out by the Bureau of Labor Statistics on Friday.
The Federalist’s Sean Davis set Haberman straight, tweeting, “ADP released its monthly payroll report this morning, which showed that 195,000 new jobs were created last month.”
ADP released its monthly payroll report this morning, which showed that 195,000 new jobs were created last month. NYT’s top White House reporter ignored that obvious fact and instead peddled a baseless conspiracy theory. https://t.co/t1RKUIBA5J
— Sean Davis (@seanmdav) September 5, 2019
Davis continued, “NYT’s top White House reporter ignored that obvious fact and instead peddled a baseless conspiracy theory.”
While Haberman answered her critics with a sarcastic response, Blake deleted his tweet and issued a mea culpa.
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