Job Growth Was Modest In September, Survey Signals
Private employers added 166,000 jobs to their payrolls in September, a modest gain after slightly less growth the month before, according to the latest ADP National Employment Report.
Because of the partial government shutdown, the data from the payroll processing firm's monthly survey could be the only clues we get this week about how many jobs were added last month. The Labor Department has said its Bureau of Labor Statistics won't be releasing its September jobs report on Friday, as scheduled, if the shutdown continues.
According to ADP, which works with economists at Moody's Analytics to produce its monthly report:
-- "Service-providing industries added 147,000 jobs in September, down from 152,000 in August."
-- "Goods-producing employment roseby 19,000 jobs in September, a slight increase over its August growth rate."
-- "Construction payrolls added 16,000 jobs."
-- "Manufacturing payrolls increased by 1,000."
ADP also revised down its estimate of job growth in August. It had thought that private employers added 176,000 jobs. Now, it estimates they added 159,000.
In a statement released with the data, Moody's chief economist Mark Zandi says:
"The job market appears to have softened in recent months. Fiscal austerity has begun to take a toll on job creation. The run-up in interest rates may also be doing some damage to jobs in the financial services industry. While job growth has slowed, there remains a general resilience in the market. Job creation continues to be consistent with a slowly declining unemployment rate."
Bloomberg News says the jobs figure for September is about 14,000 less than what economists had expected.