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Financial News: U.S. Private Sector Job Growth Slows In September

U.S. Private Sector Job Growth Slows In September

10/02/2019 - 08:47:00 (RTTNews)

(RTTNews) - Adding to signs of a slowdown in the U.S. job market, payroll processor ADP released a report on Wednesday showing private sector employment rose by slightly less than expected in the month of September.

ADP said private sector employment climbed by 135,000 jobs in September compared to economist estimates for an increase of about 140,000 jobs.

The report also showed a significant downward revision to the increase in private sector jobs in August, which was slashed to 157,000 jobs from the originally reported 195,000 jobs.

"Businesses have turned more cautious in their hiring," said Mark Zandi, chief economist of Moody's Analytics. "If businesses pull back any further, unemployment will begin to rise."

Employment in the service-providing sector rose by 127,000 jobs, reflecting notable job growth in the education and health services and trade, transportation and utilities industries.

Meanwhile, the report said employment in the goods-producing sector crept up by 8,000 jobs, as an uptick in construction jobs was partly offset by the loss of natural resources and mining jobs.

ADP also said employment at large businesses climbed by 67,000 jobs, while employment at medium and small businesses rose by 39,000 jobs and 30,000 jobs, respectively.

Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, noted the average monthly job growth for the past three months has fallen to 145,000 from 214,000 in the same time period last year.

On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.

Employment is expected to increase by 140,000 jobs in September after rising by 130,000 jobs in August, while the unemployment rate is expected to hold at 3.7 percent.

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