First Look At September ADP Says 749K Nonfarm Private Jobs Gained

The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository).

Today we have the ADP September estimate of 749K nonfarm private employment jobs gained, an increase over the ADP revised August figure of 481K.

The 749K estimate came in above the consensus of 650K for the ADP number.

The forecast for the forthcoming BLS report is for 875K private nonfarm jobs gained and the unemployment rate to drop to 8.2%. Their forecast for the September full nonfarm new jobs is (the PAYEMS number) 850K.

Here is an excerpt from today's ADP report press release:

“The labor market continues to recover gradually,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “In September, the majority of sectors and company sizes experienced gains with trade, transportation and utilities; and manufacturing leading the way. However, small businesses continued to demonstrate slower growth.”

Here is a visualization of the two series over the previous twelve months.

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