The US labor market performed strongly in September with private companies adding more jobs than expected, according to a report from payroll services firm ADP today.
Companies were found to have added 208,000 jobs in the month and this was better than the Dow Jones estimate of 200,000 and also the previous month's reading of 185,000 jobs.
This increase was recorded despite the goods production industry reporting a loss of 29,000 jobs with manufacturing down 13,000 and natural resources and mining losing 16,000.
However, big jumps in trade, transport and utilities helped offset the losses, as the sector saw a job increase of 147,000. Professional and business services added 57,000, while education and health services increased by 38,000 and hospitality increased by 31,000. There were also losses in the services sector, as the information industry declined by 19,000 and financial activities saw a loss of 16,000 jobs.
Based on the breakdown of company size, companies employing 50-499 workers led the way with a gain of 90,000, while large firms added 60,000 and small businesses contributed 58,000.
The market is now focusing on the NFP which will be released this Friday.
