ADP Reports Stronger-Than-Expected Private Sector Job Growth of 90,000 in September
The ADP National Employment Report showed that U.S. private sector employment increased by 90,000 jobs in September, surpassing the Wall Street consensus estimate of 68,000 and a revised August figure of 36,000. The report indicated stabilization in the labor market after a brief slowdown earlier this year. Key contributors to job growth included education and health services (55,000), leisure and hospitality (22,000), manufacturing (17,000), and construction (15,000). However, some sectors like financial activities saw losses of 16,000 jobs. The ADP report is seen as a precursor to the Bureau of Labor Statistics' nonfarm payrolls data due on Friday. Base pay increased by 3.2% year-over-year while gross pay rose by 4.7%. The Federal Reserve has noted that the labor market appears mostly stable, with inflation remaining a key policy concern following recent rate hikes in September.
Topics: ADP report jobs labor market