Positive report on September hiring could boost consumer spending
U.S. private-sector businesses hired 162,000 employees in September, according to a monthly national employment report compiled by Automatic Data Processing Inc., ADP, which provides employment and other services for companies that employ about 21 million U.S. employees.
That number exceeds the median forecast of 144,000 new jobs from 38 economists surveyed by Bloomberg and could exceed the Department of Labor’s September jobs report expected on Friday.
Over the two years that ended in August, ADP’s initial release has understated or overstated the Labor Department’s initial private payroll figure by an average of 66,000, according to Bloomberg calculations.
Over the two years that ended in August, ADP’s initial release has understated or overstated the Labor Department’s initial private payroll figure by an average of 66,000, according to Bloomberg calculations.
Carlos A. Rodriguez, president and CEO of ADP, said, “Today’s report shows that year-to-date employment gains averaged 171,000 jobs per month, compared to an average increase of 138,000 jobs per month in the same period last year.”
The ADP report shows that growth was greatest in medium-sized companies (with 50 to 500 employees) and service-industry hiring.
Employment in the private service-providing sector expanded 144,000 in September. Manufacturing employment rose just 4,000, while construction employment rose 10,000, the strongest gain since March, when mild winter weather was boosting construction activity. The financial services sector added 7,000 jobs in September, marking the 14th consecutive monthly gain, according to an ADP press release.
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