Payroll firm Automatic Data Processing Inc. said the U.S. economy added 162,000 non-farm private sector jobs August to September. For the fourth consecutive month, gains beat expectations of economists. The consensus forecast called for a gain of 143,000 jobs.
While that may be pegged as good news -- data that beats expectations tends to nudge markets higher -- it was tempered by a downward revision of gains in August.
ADP said there were 12,000 fewer jobs added to the economy in August than previously reported, bringing the August total down to 189,000.
ADP said service oriented firms added 144,000 jobs in September, a decline from the 175,000 added in August.
Goods-producing firms added 18,000 jobs in the month, 4,000 of those in manufacturing and 10,000 in construction.
Finance firms added 7,000 jobs, the 14th consecutive monthly gain for the sector.
Firms with fewer than 50 employees in July added 41,000 jobs, while companies with 51 to 499 employees added 64,000 jobs. Even larger firms added 17,000 jobs in the month, ADP said.
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