Employment Numbers Underwhelm for September
Nonfarm private employment improved by a seasonally adjusted 166,000 jobs for September, according to ADP's National Employment Report (link opens in PDF) released today.
Human capital management company ADP partners with Moody's Analytics to produce this monthly report based on ADP payroll data representing 416,000 U.S. clients employing nearly 24 million workers in the U.S.
After increasing a revised 159,000 jobs for August, analysts had expected a stronger September with 180,000 new jobs.
Small businesses (1-49 workers) were the main contributor, adding 74,000 employees to their ranks. Medium (50-499) companies added a mediocre 28,000, while large (500+) companies packed in 64,000 additions.
The services sector contributed an oversized 147,000 jobs, whiles goods-producing companies edged up employment by just 19,000. In a tough month for manufacturing, the industry managed to produce only 1,000 more jobs.
According to Moody's Analytics Chief Economist Mark Zandi, employment numbers continue to send mixed messages:
The job market appears to have softened in recent months. Fiscal austerity has begun to take a toll on job creation. The run-up in interest rates may also be doing some damage to jobs in the financial services industry. While job growth has slowed, there remains a general resilience in the market. Job creation continues to be consistent with a slowly declining unemployment rate.
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