The US economy added 154k jobs in September according to ADP, missing expectations of 165k and down from 175k revised lower in August. This is the weakest print since April as manfacturing slows (down 6k) once again, near 3 year lows.
Payrolls for businesses with 49 or fewer employees increased by 34,000 jobs in September, down from 68,000 in August. Employment at companies with 50-499 employees increased by 56,000 jobs, up from last month’s 40,000. Employment at large companies – those with 500 or more employees – increased by 64,000, down from 67,000 in the prior month. Companies with 500-999 employees added 8,000 and companies with more than 1,000 employees added 56,000 in September.
Goods-producing employment was up by 3,000 jobs in September, following August losses of 9,000. The construction industry added 11,000 jobs, following August losses of 2,000 jobs. Meanwhile, manufacturing jobs were down 6,000 in September, after losing 4,000 in the previous month.
The decoupling between manufacturing and services employment continues to grow…
Service-providing employment rose by 151,000 jobs in September. The ADP National Employment Report indicates that professional/business services contributed 45,000 jobs, down from 53,000 in August. Trade/transportation/utilities increased by 15,000 jobs in September, down from 26,000 jobs added the previous month. Financial activities added 11,000 jobs, down from last month’s gain of 15,000 jobs.
Of course there is this: ADP Services Employment at record highs as Restaurant Performance Index plunge to 7 year lows…
Some more charts from the report:
Change in Nonfarm Private Employment
Change in Total Nonfarm Private Employment
Change in Total Nonfarm Private Employment by Company Size
Change in Total Nonfarm Private Employment by Selected Industry
Breakdown infographic:
http://www.adpemploymentreport.com/2016/September/NER/images/infographic…” width=”598″ />
“Job gains in September eased a bit when compared to the past 12-month average,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute.
“We also observed softening this month in trade/transportation/utilities, possibly due to a continued tightening U.S. labor market and lackluster consumer spending.” Mark Zandi, chief economist of Moody’s Analytics, said,
“The current record of consecutive monthly job gains continued in September. With job openings at all-time highs and layoffs near all-time lows, the job market remains in full-swing. Job growth has moderated in recent months, but only because the economy is finally returning to full-employment.”
Time to hike rates?
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