US ADP report for September showed private employment increased by 143k, surpassing expectations of 120k. The goods-producing sector added 42k jobs, while the service-providing sectors contributed 101k new jobs.
By establishment size, small companies saw a loss of -8k jobs, while medium-sized businesses added 64k and large companies increased their workforce by 86k.
Wage growth continued to slow, with year-over-year pay gains for job-stayers easing to 4.7%. The decline was more pronounced for job-changers, whose wage growth fell from 7.3% to 6.6%.
Nela Richardson, ADP’s chief economist, noted that “stronger hiring didn’t require stronger pay growth last month.” She also pointed out that the premium job-changers usually enjoy over job-stayers narrowed to 1.9%, matching the low last seen in January.
