U.S. Private Sector Adds 143,000 Jobs in September, Strongest in Three Months

Oct 2, 2024, 12:45 PM

The ADP Employment Change report for September 2024 revealed that the U.S. private sector added 143,000 jobs, surpassing the expected 120,000. This marks the strongest job growth in three months following a five-month slowdown. The previous month's job additions were revised upward from 99,000 to 103,000. The goods-producing sector gained 42,000 jobs, while service-providing industries added 101,000. However, small businesses experienced net job losses. Wage growth for job switchers eased to 6.6%, the lowest since April 2021, indicating tighter labor market conditions. Nela Richardson, chief economist at ADP, noted that stronger hiring did not require stronger pay growth last month. The report serves as a precursor to the upcoming Nonfarm Payrolls report due on Friday.