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

U.S. Private Sector Job Growth Slows In September

10/04/2017 - 09:02:00 (RTTNews)

(RTTNews) - Employment in the U.S. private sector climbed by slightly more than anticipated in the month of September, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment rose by 135,000 jobs in September after surging up by a revised 228,000 jobs in August.

Economists had expected employment to climb by 125,000 jobs compared to the 237,000 job jump originally reported for the previous month.

While private sector employment rose by slightly more than expected, the increase reflected the slowest rate of job growth since last October.

"Hurricanes Harvey and Irma hurt the job market in September," said Mark Zandi, chief economist of Moody's Analytics. "Looking through the storms the job market remains sturdy and strong."

The report said employment in the service-providing sector climbed by 88,000 jobs during the month, while employment in the goods-producing sector rose by 48,000 jobs.

Employment at large and medium businesses increased by 79,000 jobs and 63,000 jobs, respectively, although employment at small businesses dipped by 7,000 jobs.

"In September, small businesses experienced a dip in hiring," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "This is in part due to Hurricane's Harvey and Irma which significantly impacted smaller retailers."

She added, "In addition, the continued slow down we have seen in small business hiring could be due to a lack of competitive compensation to attract skilled talent."

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

Employment is expected to rise by 98,000 jobs in September after climbing by 156,000 jobs in August. The unemployment rate is expected to hold at 4.4 percent.

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