“Job gains in September eased a bit when compared to the past 12-month average,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “We also observed softening this month in trade/transportation/utilities, possibly due to a continued tightening U.S. labor market and lackluster consumer spending.”
Service-providing employment as a whole added 151,000 jobs last month, with the largest gains in professional and business services (+45,000 jobs). Trade, transportation, and utilities added 15,000 jobs last month, down from 26,000 jobs in August. Financial activities added 11,000 jobs last month.
Unlike in August, goods-producing employment showed gains last month: +3,000 jobs. However, manufacturing continued to shed jobs, losing 6,000 in September, while construction added 11,000 jobs.
Large businesses added the most jobs last month: 64,000 total, with most gains centered in companies with 1,000 or more employees. Mid-sized businesses with between 50 and 499 employees added 56,000 jobs, and small businesses with fewer than 50 employees added 34,000 jobs.
“With job openings at all-time highs and layoffs near all-time lows, the job market remains in full-swing,” said Mark Zandi, chief economist of Moody’s Analytics. “Job growth has moderated in recent months, but only because the economy is finally returning to full-employment.”
Economists are expecting Friday’s report from the Labor Department to show the addition of 175,000 public and private-sector jobs, and an unemployment rate holding steady at 4.9 percent. The Bureau of Labor Statistics’ report also provides information on long-term unemployment, workforce participation, and wage growth; The PayScale Index, which measures the change in wages for employed U.S. workers, forecasts 1.6 percent year-over-year wage growth for Q3 2016.
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