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Wednesday, October 02, 2013

ADP: Private Employment increased 166,000 in September

by Calculated Risk on 10/02/2013 08:19:00 AM

From ADP:

Private sector employment increased by 166,000 jobs from August to September, according to the September ADP National Employment Report®. ... August’s job gain was revised down from 176,000 to 159,000.
Mark Zandi, chief economist of Moody’s Analytics, said, "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.”
This was a little below the consensus forecast for 175,000 private sector jobs added in the ADP report. Note:  The BLS was to report on Friday, and the consensus was for an increase of 178,000 payroll jobs in September, on a seasonally adjusted (SA) basis.

Note: ADP hasn't been very useful in predicting the BLS report on a monthly basis. The BLS report will be delayed due to the shutdown.