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Financial News: U.S. Private Sector Job Growth Exceeds Estimates In

U.S. Private Sector Job Growth Exceeds Estimates In September

09/30/2020 - 09:20:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. surged up 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 spiked by 749,000 jobs in September after jumping by an upwardly revised 481,000 jobs in August.

Economists had expected employment to increase by 650,000 jobs compared to the addition of 428,000 jobs originally reported for the previous month.

"In September, the majority of sectors and company sizes experienced gains with trade, transportation and utilities; and manufacturing leading the way," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "However, small businesses continued to demonstrate slower growth."

The report said employment in the service-providing sector spiked by 552,000 jobs, while the goods-producing sector added 196,000 jobs.

Employment at small businesses rose by 192,000 and employment at medium and large businesses jumped by 259,000 jobs and 297,000 jobs, respectively.

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

Economists expect employment to surge up by 850,000 jobs in September after spiking by 1.371 million jobs in August. The unemployment rate is expected to dip to 8.2 percent from 8.4 percent.

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