October 4, 2018

September 2018 ADP Employment Report: 230,000 Private-Sector Jobs Added

Filed under: Economy — Tom @ 7:14 am

This is interesting, because by now Mark Zandi of Moody’s Analytics, the report’s director, expected that monthly private-sector job additions would be coming down by now.

Not yet, at least:

Private-sector employment increased by 230,000 from August to September, on a seasonally adjusted basis.

From the press release:

“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Both the goods and services sectors soared. The professional and business services industry and construction served as key engines of growth. They added almost half of all new jobs this
month.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Employment gains are broad-based across industries and company sizes. At the current pace of job creation, unemployment will fall into the low 3%’s by this time next year.”

Upward and downward revisions to prior months have been minor compared to their original estimates.

ADP’s average during the past six months (including September) has been over 190,000, so yesterday’s number was a significant pickup.

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2 Comments

  1. [...] Monday, up 0.5 percent from Friday’s level. Moody’s was at 3.2 percent as of Tuesday. Wednesday’s ADP report and the record ISM Non-Manufacturing result should push the estimates even higher when [...]

    Pingback by BizzyBlog — October 4, 2018 @ 10:56 pm

  2. [...] the 134K in job gains is acceptable, given the huge revisions to July and August. Considering ADP’s 230K September private-sector jobs number reported Wednesday, it seems likely that the government’s September number will get revised [...]

    Pingback by BizzyBlog — October 5, 2018 @ 6:42 pm

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