Private sector employment increased by 230,000 jobs from August to September according to the September ADP Report. The impressive jobs numbers come on the heels of a report that showed wages also rose last month.
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Employment gains are broad-based across industries and company sizes. At the current pace of job creation, unemployment will fall into the low 3%’s by this time next year.”
September showed job gains across a broad swath of the American economy again benefiting from the Trump administration’s economic policies.
“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Both the goods and services sectors soared. The professional and business services industry and construction served as key engines of growth. They added almost half of all new jobs this month.”
“Blowout numbers on New Jobs and, separately, Services,” he tweeted. “Market up!”
Blowout numbers on New Jobs and, separately, Services. Market up!
— Donald J. Trump (@realDonaldTrump) October 3, 2018
September 2018 Report Highlights
Total U.S. Nonfarm Private Employment: 230,000
By Company Size
– Small businesses: 56,000
- 1-19 employees 35,000
- 20-49 employees 21,000
– Medium businesses: 99,000
- 50-499 employees 99,000
– Large businesses: 75,000
- 500-999 employees 26,000
- 1,000+ employees 49,000
– Goods-producing: 46,000
- Natural resources/mining 5,000
- Construction 34,000
- Manufacturing 7,000
– Service-providing: 184,000
- Trade/transportation/utilities 30,000
- Information -3,000
- Financial activities 16,000
- Professional/business services 70,000
- Professional/technical services 25,000
- Management of companies/enterprises 7,000
- Administrative/support services 38,000
- Education/health services 44,000
- Health care/social assistance 37,000
- Education 7,000
- Leisure/hospitality 16,000
- Other services 10,000
* Sum of components may not equal total, due to rounding.
– Franchise Employment**
- Franchise jobs -5,700
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.