Following August’s slump in ADP employment growth (weakest since Oct 2017), September was expected to show a rebound and it did notably, rising 230k (vs +184k exp) against a revised +168k in August.
This is the strongest monthly job gain since February…
“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“Both the goods and services sectors soared. The professional and business services industry and construction served as key engines of growth. They added almost half of all new jobs this month.”
Services jobs dominated once again with Medium-sized businesses adding the most jobs. Only Information Services sector jobs fell in September…
Despite some volatility (and a big miss in August), the average ADP print since President Trump’s election has been very close to the average BLS print…
Mark Zandi, chief economist of Moody’s Analytics, said,
“The job market continues to power forward. Employment gains are broad-based across industries and company sizes. At the current pace of job creation, unemployment will fall into the low 3%’s by this time next year.”
This data does not include the effects of Florence.