The private sector added 195,000 jobs in August, surpassing economists' expectations of 140,000 jobs, according to a report released Thursday by ADP and Moody's Analytics.

Why it matters: The labor market — largely viewed as the steadiest part of the economy — appears to remain intact. The ADP report, which doesn't include government jobs, is viewed as as a tee-up of what's to come from the official jobs release from the Bureau of Labor Statistics on Friday.

What they're saying: "Businesses are holding firm on their payrolls despite the slowing economy. Hiring has moderated, but layoffs remain low. As long as this continues recession will remain at bay," Mark Zandi, chief economist of Moody’s Analytics, said in a release.

Go deeper: The results from last month's jobs report