After a weak ISM Manufacturing report on Tuesday, there had been some concerns that the job market might be taking a hit from the U.S./China trade war and slowing global growth story. Now the markets have seen the ADP private sector payrolls report, which gets used as a directional barometer for each monthly unemployment and nonfarm payrolls report. ADP’s private sector payrolls increased by 135,000 from August to September.
The September ADP National Employment Report beat the Wall Street Journal (Dow Jones) consensus forecast of 125,000. Econoday’s consensus estimate was matched at 135,000.
Small business jobs (fewer than 50 employees) added 30,000 jobs in September. The midsized category (50 to 499 employees) added 39,000 jobs and the large business sector (500 employees and higher) added 67,000 jobs.
Each monthly report is derived from ADP’s actual payroll data and measures the change in total nonfarm private employment each month on a seasonally adjusted basis. Both Moody’s and ADP have taken this payrolls report more cautiously than prior reports.
Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said: “The job market has shown signs of a slowdown. The average monthly job growth for the past three months is 145,000, down from 214,000 for the same time period last year.”
Mark Zandi, chief economist of Moody’s Analytics: “Businesses have turned more cautious in their hiring. Small businesses have become especially hesitant. If businesses pull back any further, unemployment will begin to rise.”
24/7 Wall St.Global Semiconductor Sales Look Awful Year-Over-Year but Stable in Shorter Comparisons
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
