Private sector job growth continued at a steady pace in September, led by the service-producing sector and small businesses, according to an Automatic Data Processing (NASDAQ:ADP) report released Wednesday.
According to this morning’s report, payrolls increased by 91,000 in September, compared to 89,000 in August after a slight downward revision to the initial 91,000 reported for August. September’s figure beat economists’ expectations by roughly 16,000.
��The recent trend in private employment…remains moderate, and probably is below a pace consistent with a stable unemployment rate,�� said Joel Prakken, chairman of Macroeconomic Advisers. ��Moderate growth in employment is consistent with the recent deceleration of GDP.��
Small-business employment rose 60,000 in September, while medium businesses added 36,000 jobs and large businesses eliminated 5,000. The service-producing sector added 90,000 net jobs, while goods-producing employment only rose by 1,000.
The ADP’s monthly report on private-sector payrolls provides some guidance on the U.S. Labor Department’s job estimate, which will be released on Friday, and includes information on both private- and public-sector payrolls. State and local governments have been consistently cutting jobs since the financial crisis.
Friday’s Labor Department employment report is expected to show moderate growth, just enough to keep the unemployment rate steady at 9.1%, which would nonetheless be an improvement upon employment in August, when the economy added zero net jobs.
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