Private sector sees job growth in August, includes financial positions

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The private sector added a large number of jobs to the workforce during August, including a number of financial positions, indicating that hiring managers everywhere are giving new employees their start on what will surely be long careers in finance.

Private sector employment increased by 176,000 jobs between July and August, according to the August ADP National Employment Report. Roughly 50,000 of these jobs were in the professional/business services sector, and approximately 1,000 of the jobs were finance jobs.

Representatives from ADP suggested that this indicated continuing improvement in the job market, and that both managers and would-be workers can expect positive increases to continue, if slowly. Carlos Rodriguez, chief executive officer at ADP, noted that companies "of all sizes" expanded their payrolls during August.

"It is steady as she goes in the job market," said Mark Zandie, chief economist at Moody's Analytics. "Job gains in August were consistent with increases experienced over the past two-plus years. There is little evidence that fiscal austerity and Health Care Reform have had a significant impact on the job market."

This supports findings provided by the U.S. Department of Labor last week, who found that domestic employers added 169,000 jobs during the month of August, allowing the unemployment rate to fall to 7.3 percent.