Private-sector employers added a seasonally adjusted 237,000 jobs in August, according to ADP. That was a big gain from the 178,000 jobs it initially reported for July, and which it revised up to 201,000. It also easily beat the Econoday forecast of 185,000. Small businesses added 48,000, medium-sized 74,000, and large businesses 115,000. Nearly all the gains came from the service sector, which produced 204,000 jobs.
Gross domestic product rose at a 3% annual rate in the second quarter, up from an initial 2.6% reading, according to the Commerce Department. Economists expected a smaller upward revision to 2.8%. The economy picked up from a 1.2% rate in the first quarter. A slow first quarter followed by an improved second quarter also occurred in two of the past three years. Economists say that the most recent data suggest the U.S. is on track to maintain above 3% rate in the third quarter. The last time the U.S. economy had two quarters above 3% was in 2014. President Trump is relying on growth above 3% to generate revenue to pay for tax cuts and infrastructure.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
