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Is ADP's Jobs Estimate Strong Enough to Satisfy the Federal Reserve?

Investors betting on the Federal Reserve to raise rates in September just got some modestly bad news.

Private employers added 177,000 jobs in August, according to a report from payroll processor ADP (ADP) this morning. That follows a revised growth estimate of 194,000 in July and sets the stage for a jobs report from the Labor Department on Friday, in which the average forecast calls for a gain of 185,000.

The news was less strong, however, from cyclically sensitive sectors that Fed officials are known to be watching closely as they consider whether to boost the Federal Funds Rate from its current range of 0.25% to 0.5%. Construction added only 2,000 jobs and manufacturing added none, according to the report. Some manufacturers have struggled because of soft export markets and sluggish investment...