ADP Sept. jobs estimate well above expectations
Private-sector employment increased by 230,000 in September, on a seasonally adjusted basis, ADP estimated Wednesday.
In August, ADP says 168,000 jobs were added, compared to its previous estimate of 163,000.
Economists surveyed by IFR Markets projected a 185,000 job gain for June.
“The labor market continues to impress,” according to 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 job market continues to power forward,” said Mark Zandi, chief economist of Moody’s Analytics. “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.”