US private payrolls growth picks up in September, ADP says
SPY•US private employment rose by 90,000 jobs in September, up from a downwardly revised 36,000 in August and above economists’ 70,000 forecast.
1. Private hiring rises
The ADP National Employment Report showed private employment increased by 90,000 jobs in September, after a downwardly revised 36,000 in August. Economists had forecast a 70,000 increase.
2. Broader report due Friday
The ADP report was published ahead of the Bureau of Labor Statistics’ more comprehensive September employment report, due Friday. Economists forecast private payrolls would rise by 85,000 and total nonfarm payrolls by 90,000; the unemployment rate was forecast to hold at 4.1% for a third straight month.
