US ADP report showed 135k growth in private sector jobs in September, below expectation of 140k. By company size, large businesses added 67k jobs, medium businesses added 39k, small businesses added 30k. By sector, goods-producing sectors added 8k. Service-providing sectors added 127k.
“The job market has shown signs of a slowdown,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “The average monthly job growth for the past three months is 145,000, down from 214,000 for the same time period last year.” Mark Zandi, chief economist of Moody’s Analytics, said, “Businesses have turned more cautious in their hiring. Small businesses have become especially hesitant. If businesses pull back any further, unemployment will begin to rise.”
