- Chris Hondros / Getty
US private payrolls increased by 154,000 in September, according to ADP Research Institute.
Economists had estimated that private payrolls grew by 165,000, according to Bloomberg.
“Job gains in September eased a bit when compared to the past 12-month average,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute, in the firm’s release.
“We also observed softening this month in trade/transportation/utilities, possibly due to a continued tightening US labor market and lackluster consumer spending.”
Manufacturing jobs declined by 6,000, while construction jobs rose 11,000.
With the unemployment rate at an eight-year low and labor-force participation relatively weak, the pace of new job creation is expected to slow because there are fewer people looking for work.
ADP’s release comes ahead of the official jobs report from the Bureau of Labor Statistics on Friday. The consensus forecast is for a gain by 174,000 nonfarm payrolls.
“The chart shows that ADP employment gains have been slowing for some time, but this doesn’t tell us anything that’s not also clear from the official data,” said Pantheon Macroeconomics’ Ian Shepherdson in a client note.
- Pantheon Macroeconomics