US ADP private sector employment grew 568k in September, above expectation of 475k. By company size, small businesses added 63k jobs, medium businesses added 115k, large businesses added 390k. By sector, goods-producing jobs grew 102k, and service-providing jobs rose 466k.
“The labor market recovery continues to make progress despite a marked slowdown from the 748,000 job pace in the second quarter,” said Nela Richardson, chief economist, ADP. “Leisure and hospitality remains one of the biggest beneficiaries to the recovery, yet hiring is still heavily impacted by the trajectory of the pandemic, especially for small firms. Current bottlenecks in hiring should fade as the health conditions tied to the COVID-19 variant continue to improve, setting the stage for solid job gains in the coming months.”
