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NewsBreak: U.S. Private Sector Adds 135,000 Jobs in September

Published 02/10/2019, 12:31
Updated 02/10/2019, 13:27
© Reuters.

Investing.com - U.S. private sector hiring slowed more than expected in September a report by a payrolls processor ADP showed Wednesday.

“The job market has shown signs of a slowdown,” said Ahu Yildirmaz, vice president and co-head of the ADP (NASDAQ: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.”

“Businesses have turned more cautious in their hiring," said Mark Zandi, chief economist of Moody’s Analytics. "Small businesses have become especially hesitant. If businesses pull back any further,unemployment will begin to rise.”

Key Points:

  • Private sector payrolls increased by 135,000, vs 140,000 forecast, August hiring revised down to 157,000 from 195,000

  • Data a day earlier pointing to a shock drop in U.S. factory activity last month fueled concerns that a slowdown in the manufacturing sector could spread to the broader economy

  • The Labor Department's more comprehensive nonfarm payrolls report on Friday is expected to show jobs growth of 145,000 last month, while the unemployment rate is expected to hold steady at 3.7%.

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