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Wednesday, September 30, 2020

ADP: Private Employment increased 749,000 in September

by Calculated Risk on 9/30/2020 08:19:00 AM

From ADP:

Private sector employment increased by 749,000 jobs from August to September according to the September ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

“The labor market continues to recover gradually,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “In September, the majority of sectors and company sizes experienced gains with trade, transportation and utilities; and manufacturing leading the way. However, small businesses continued to demonstrate slower growth.
emphasis added
This was above the consensus forecast for 605 thousand private sector jobs added in the ADP report.

The BLS report will be released Friday, and the consensus is for 850 thousand non-farm payroll jobs added in September. Of course the ADP report has not been very useful in predicting the BLS report.