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Private payrolls grew by 200,000 in September, more than expected and surpassing the prior month, according to the latest report from ADP.
Economists had estimated that payrolls grew by 190,000 in September, unchanged from August.
This report comes ahead of the official numbers from the Bureau of Labor Statistics on Friday, and economists are divided over whether it is a reliable leading indicator of those data.
The goods-producing sector added 12,000 jobs, while service-producing firms increased employment by 188,000, mirroring what the ISM surveys have been telling us about the relative strength of both sectors.
Employment in manufacturing fell while construction payrolls rose.
“The U.S. job machine continues to produce jobs at a strong and consistent pace,” wrote Mark Zandi, chief economist of Moody’s Analytics in the release. “Despite job losses in the energy and manufacturing industries, the economy is creating close to 200,000 jobs per month. At this pace full employment is fast approaching.”
More to come …