ADP Jobs Report DESTROYS Expectations, 201K New Jobs Surpasses All Estimates

Sometimes called the preview for the official employment numbers, the ADP National Jobs Report was released today, and it shows the addition of 201,000 private-sector jobs in the month of August. It also revises the number of jobs added in July, to 173,000 from 163,000. August’s report far outpaces previous estimates; a Bloomberg survey of 41 economists, forecast an increase of 140,000 jobs.

Those who express concern over the Obama administration’s supposed antipathy towards small businesses will find themselves pleased to discover that the majority of jobs added came from by small and medium-sized companies:

Companies employing more than 499 workers added 16,000 jobs. Medium-sized businesses, with 50 to 499 employees, added 86,000 and small companies increased payrolls by 99,000, ADP said.

More good news:

Another report today showed fewer Americans than forecast filed applications for jobless benefits last week. Jobless claims dropped by 12,000 to 365,000 in the week ended Sept. 1, the lowest in a month, the Labor Department reported.

It appears President Obama and the DNC will have one more thing to celebrate tonight in Charlotte.

These are not the official numbers and ADP has been off by a significant amount before but it’s usually in the ballpark so it’s looking good for the economy.

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