Private sector employment increased by 166,000 jobs from August to September, according to the September ADP National Employment Report®. … August’s job gain was revised down from 176,000 to 159,000.
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Mark Zandi, chief economist of Moody’s Analytics, said, “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.”
This was a little below the consensus forecast for 175,000 private sector jobs added in the ADP report. Note: The BLS was to report on Friday, and the consensus was for an increase of 178,000 payroll jobs in September, on a seasonally adjusted (SA) basis.
Note: ADP hasn’t been very useful in predicting the BLS report on a monthly basis. The BLS report will be delayed due to the shutdown.