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Robust Private Sector Job Growth Continues in September
The private U.S. business sector added 230,000 jobs from August to September, according to ADP’s September National Employment Report. Economists note strong economic growth is a positive sign encouraging companies to hire more workers.
ADP points out September’s job gain was the most in seven months, and comes on the heels of 168,000 jobs added in August, a total that was revised up from 163,000.
ADP Research Institute’s Ahu Yildirmaz says, “The labor market continues to impress. 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.”
Moody’s Analytics’ chief economist Mark Zandi, which helps put together the data, says, “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.”
Most major industries experienced strong hiring numbers. Highlights include: professional and business services adding 70,000 jobs, construction firms adding 34,000 jobs and education and health services adding 44,000 jobs.
The report was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24 million workers.
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