US ADP Report: Job growth beats expectation

Today ADP employment numbers were released from the US for the month of September.

ADP number shows the US labour markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect hasn’t faded completely as goods-producing sector adding jobs.

• August payroll got a revision. It has now revised to 228,000 (down from 237,000).

Key highlights –

• Non-farm private sector employment grew at 178,000 in September, the median expectation was for 125,000.
• Small business sector job loss 7,000, compared to 48,000 gain last month.
• Employment in franchise increases to 14,000 compared to last month’s 21,200.
• Mid-sized companies added 63,000 jobs compared to last month’s 74,000 jobs.
• The Large sector added just 79,000 compared to last month’s 115,000 jobs.
• Manufacturing sector payroll registered 18,000 jobs gain compared to 16,000 jobs gain last month.
• 48,000 jobs were gained in the goods-producing sector, compared to last month’s 33,000 jobs gain.
• The construction sector saw 29,000 jobs gain, compared to last month’s 18,000 jobs gain.
• Services sector employment remains high as payroll added 88,000 people in September. August gain was 204,000.

The dollar index is currently trading at 93.26, down 0.4% for the day so far.