Inside the ADP Report...September’s job growth was...
Bottom Line: Gangbusters. Private sector jobs growth last month was exceptional with 230,000 additional jobs being added. We added the most jobs in a month that we’ve added in any month since February. It’s even more remarkable considering that we’ve already have the lowest unemployment rate in 18 years. Growth like that is unheard of with an economy that’s so strong.
Here are some key takeaways from the report:
- We added 146,000 more private sector jobs year over year (Sept 17’ to Sept 18’)
- In 2018 we've averaged 204,000 private sector jobs per month
As for where the jobs were added in September:
- Small biz: +56k
- Mid-Sized: +99k
- Large: +75k
Mid-sized companies (50-499 employees) are still knocking the cover off of the ball and the gains were solid otherwise. It’s good to see small companies having more success hiring, as many have been struggling to attract talent in the tight labor market. Many of the gains are likely recent grads landing in their new careers. As for industries leading the pack...
- Professional and business services: +70k
- Education & Health +44k
- Construction +34k
- Trade, transportation & utilities: +30k
- Financial/Leisure & Hospitality +16k
For the year we’re now averaging 204,000 private sector jobs per month. It’s evident we ended the third quarter with a red-hot economy & should be well on our way to continued 3%+ growth.