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Financial News: U.S. Private Sector Job Growth Accelerates More Than

U.S. Private Sector Job Growth Accelerates More Than Expected In September

10/03/2018 - 08:50:00 (RTTNews)

(RTTNews) - Reflecting strong job growth in both the goods-producing and service-providing sectors, payroll processor ADP released a report on Wednesday showing a much bigger than expected increase in U.S. private sector employment in the month of September.

ADP said private sector employment jumped by 230,000 jobs in September after climbing by an upwardly revised 168,000 jobs in August.

Economists had expected employment to increase by about 185,000 jobs compared to the addition of 163,000 jobs originally reported for the previous month.

"The labor market continues to impress," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Both the goods and services sectors soared."

"The professional and business services industry and construction served as key engines of growth," she added. "They added almost half of all new jobs this month."

The report said employment in the service-providing sector surged up by 184,000 jobs in September, partly reflecting an increase of 70,000 jobs in the professional and business services industry.

Employment in the goods-producing sector also climbed by 46,000 jobs in September, as the construction industry added 34,000 jobs.

ADP also said employment at medium-sized businesses jumped by 99,000 jobs, while employment at large and small businesses increased by 75,000 jobs and 56,000 jobs, respectively.

"Employment gains are broad-based across industries and company sizes," said Mark Zandi, chief economist of Moody's Analytics. "At the current pace of job creation, unemployment will fall into the low 3%'s by this time next 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.

The report is expected to show employment climbed by about 188,000 jobs in September after jumping by 201,000 jobs in August. The unemployment rate is expected to dip to 3.8 percent from 3.9 percent.

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