U.S. Private Sector Job Growth Exceeds Estimates In September
(RTTNews) - Private sector employment in the U.S. jumped by more than expected in the month of September, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment shot up by 90,000 jobs in September after rising by a downwardly revised 36,000 jobs in August.
Economists had expected private sector employment to increase by 70,000 jobs compared to the addition of 38,000 jobs originally reported for the previous month.
"It's a strong report," said ADP Chief Economist Dr. Nela Richardson. "After a three-month slowdown, job creation rebounded and pay growth remained solid."
ADP said hiring accelerated for the first time since May, led by job growth in the education and health care and leisure and hospitality sectors.
Meanwhile, the report said employment in the financial activities and professional and business services sectors showed weakness.
"Employment gains in the September ADP employment report help underscore the strength of the labor market and will bolster market expectations for firmer monetary policy from the Federal Reserve as it seeks to ensure inflation is tamped out," said Matthew Martin, Senior U.S. Economist at Oxford Economics.
He added, "However, it doesn't portend tightening in the labor market, as trend job growth remains consistent with our break-even level of employment."
The Labor Department is scheduled to release its more closely watched monthly employment report for September on Friday.
Economists currently employment to increase by 90,000 jobs in September after jumping by 162,000 jobs in August, while the unemployment rate is expected to hold steady at 4.1 percent.
Chicago Business Barometer Surges Back Into Expansionary Territory In September
U.S. Consumer Prices Rise 0.3% In August, Slightly Less Than Expected
U.S. GDP Jumps Much More Than Previously Estimated In Q2
U.S. Consumer Prices Rise Slightly Less Than Expected In August
U.S. Private Sector Employment Jumps More Than Expected In September
U.S. Job Openings Fall More Than Expected In August
U.S. Consumer Confidence Index Unexpectedly Slumps In September
