The economy created over 500,000 jobs in September as the delta variant waned and the economy opened up, according to the ADP monthly jobs report…(ADP)
- Private-sector employment increased by 568,000 from August to September.
- This is the biggest number since June reported 661,000 jobs created.
Most of the job growth occurred in service orientated large corporations…
- Large companies created 390,000 jobs followed by midsize (+115K) and (small businesses (+63K).
- The service producing sector created 466,000 jobs compared to the good producing sector that saw a jump of 102,000 jobs.
NOTE: Leisure & hospitality saw the biggest growth creating 226,00 jobs followed by education & health (+66,000), professional & business (+61,000), trade, transportation & utilities (+54,000), and manufacturing (+49,000)
ANALYSIS: Goldman Sachs reacted to the jobs report: “This morning’s ADP data was consistent with a pickup in job growth. We left our September nonfarm payroll forecast unchanged at +600k (mom sa) ahead of Friday’s report.”