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

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

10/02/2024 - 09:48:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. increased 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 climbed by 143,000 jobs in September after rising by an upwardly revised 103,000 jobs in August.

Economists had expected private sector employment to advance by 120,000 jobs compared to the addition of 99,000 jobs originally reported for the previous month.

Job creation saw a widespread rebound after a five-month slowdown, with only the information sector losing jobs, ADP said. The manufacturing sector added jobs for the first time since April.

The report also said year-over-year pay growth for job-stayers fell slightly in September to 4.7 percent. The decline was greater tor job-changers, tumbling to 6.6 percent in September from 7.3 percent in August.

"Stronger hiring didn't require stronger pay growth last month," said ADP chief economist Nela Richardson. "Typically, workers who change jobs see faster pay growth. But their premium over job stayers shrank to 1.9 percent, matching a low we last saw in January."

On Friday, the Labor Department is due to release its more closely watched report on employment in the month of September, which includes both public and private sector jobs.

Economists currently expect the report to show employment rose by 140,000 jobs in September after climbing by 142,000 jobs in August, while the unemployment rate is expected to hold at 4.2 percent.

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