ADP: 166K Jobs Added In September
Private-sector employment grew by 166,000 jobs in September, the fourth straight monthly gain of more than 150,000 jobs, according to data from payroll processing company ADP.
The gains came heavily in the service sector, and largely in the trade/transportation/utilities and professional/business services subsectors. The construction industry gained 16,000 jobs and manufacturers added 1,000 positions to their payrolls, ADP said.
The reading was the best from ADP since July, when it said the country gained 190,000 jobs.
The gains in jobs have also been reflected in a gradual decline in the nation’s unemployment rate, which began the year at 7.9 percent and dropped to 7.3 percent for August. The September reading, due out Friday from the Labor Department, may not be released because of the partial shutdown of the federal government.
About 60 percent of the gains came from small and medium-sized businesses, ADP said.
Despite the job gains, Mark Zandi, chief economist of Moody’s Analytics, offered a cautionary analysis, especially with businesses watching their spending and a rise in interest rates impacting the financial services industry.
"The job market appears to have softened in recent months,” he said. But he added, “while job growth has slowed, there remains a general resilience in the market. Job creation continues to be consistent with a slowly declining unemployment rate.”
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