ADP: US private payrolls grew by 143K in September, beating expectations
U.S. private payrolls grew more than expected in September, private payroll processor ADP reported on Wednesday.
ADP’s monthly National Employment Report showed that the United States added 143,000 non-farm jobs in September, in a “widespread rebound” after five months of slowing down.
The growth surpassed Dow Jones analysts’ expectations of 128,000 jobs added.
Large employers, companies with more than 500 employees, provided more than half of those jobs, adding 86,000 to their payrolls. Small businesses, however, continued to contract, losing 8,000 employees.
Service-providing businesses moved the economy forward, adding 101,000 jobs last month. Within that sector, leisure and hospitality contributed 34,000 jobs while education and health services added 24,000 and professional and business services chipped in 20,000.
The report noted that pay gains slipped in September to 4.7% with the average for pay changers tumbling from 7.3% in August to 6.6% in the new report.
“Stronger hiring didn’t require stronger pay growth last month,” ADP chief economist Nela Richardson said in a statement. “Typically, workers who change jobs see faster pay growth, but their premium over job-stayers shrank to 1.9%, matching a low we law saw in January.”
Those who stayed on their jobs in construction and educational/health services saw their annual pay increase by 5.1% in September, leading all other sectors.
ADP also reported that the economy produced 103,000 private jobs in August, revised from the total of 99,000 originally reported by the company last month.
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This story was originally published October 2, 2024 at 10:41 AM