Private sector job growth rose to 143,000 in September, beating expectations: ADP

Published On Oct 2, 2024, 11:26 AM

The ADP National Employment Report revealed that the private sector added 143,000 jobs in September, surpassing economists' expectations of 120,000. Despite the job growth, wage increases slowed, with job-stayers seeing a 4.7% rise and job-changers experiencing a decline from 7.3% to 6.6%. Most new jobs were in the service-providing sector, particularly in leisure and hospitality. Furthermore, large businesses contributed significantly to job growth, while small businesses reduced their workforce. This report suggests a resilient labor market ahead of the more critical Labor Department jobs report, which is set to provide further insight into employment trends.

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The better-than-expected job growth indicates economic resilience, which could boost investor confidence in the broader market. Sectors benefiting from job growth, especially consumer discretionary and services, may see increased activity as more jobs lead to higher consumer spending.

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