US: Private sector employment increased by 163,000 jobs in August - ADP

"Private sector employment increased by 163,000 jobs from July to August," the ADP stated in its latest report. This reading fell short of the market expectation of 190K and the previous reading of 219K. Below are some key quotes from the official press release.

• Although we saw a small slowdown in job growth the market remains incredibly dynamic.
• Midsized businesses continue to be the engine of growth, adding nearly 70 percent of all jobs this month, and remain resilient in the current economic climate.
• Employers are aggressively competing to hold onto their existing workers and to find new ones.
• Small businesses are struggling the most in this competition, as they increasingly can’t fill open positions.