Job seekers wait to meet with employers at a career fair in New York City, October 24, 2012. (Photo: Reuters)
The ADP National Employment Report finds the U.S. private sector added 230,000 jobs in September, an extremely solid report that crushed the consensus forecast. Economists had expected 179,000 jobs and less “across-the-board” gains.
“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.”
The goods-producing sector added a total 46,000 jobs, including 5,000 in natural resources and mining, 34,000 in construction and 7,000 in manufacturing. The service-providing sector added 184,000 jobs, with only information (-3,000) posting a loss on the month.
“The job market continues to power forward. Employment gains are broad-based across industries and company sizes,” Mark Zandi, chief economist of Moody’s Analytics, said, “At the current pace of job creation, unemployment will fall into the low 3%’s by this time next year.”
Small businesses with 1-49 employees added 56,000 jobs in September, while mid-sized businesses with 50-499 employees added 99,000. Large businesses, with 500 or more employees, added 75,000 in September.
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