Private businesses in the US created 208K jobs in September of 2022 compared to an upwardly revised 185K in August, as schools reopened and pandemic concerns receded.
Figures came slightly above market forecasts of 200K. But while job growth is stable, it remains below the recent three-month average. The services-providing sector created 237K jobs, led by trade/transportation/utilities (147K); professional/business (57K); education/health (38K); and leisure/hospitality (31K).
In contrast, the goods sector shed 29K jobs. “There are signs that people are returning to the labor market. We’re in an interim period where we’re going to continue to see steady job gains. Employer demand remains robust and the supply of workers is improving-for now”, Nela Richardson, chief economist, ADP, said. Meanwhile, annual pay was up 7.8% year-over-year for those who stayed at the same job while wages increased 15.7% for those who changed jobs.
In the meantime, all eyes are headed toward the US Jobs Report which will be released on Friday. Estimates point to 265K new jobs in September compared to 315K in August, while the Unemployment rate and wages are expected to be unchanged.