US private sector employment rises more than expected
Private sector employment in the US rose more than expected in September, according to figures released on Wednesday by ADP.
Employment increased by 143,000 from August, versus expectations for a 125,000 jump. Meanwhile, August’s gain was revised to 103,000 from 99,000.
Small businesses with fewer than 50 employees shed 8,000 jobs, while medium businesses with between 50 and 499 employees added 64,000 jobs.
Large businesses with more than 500 employees created 86,000 jobs.
The service sector added 101,000, while the goods-producing sector saw a 42,000 increase.
The data also showed that year-over-year pay gains for job-stayers fell slightly in September to 4.7%. For job-changers, pay gains eased to 6.6% in September from 7.3% in August.
Nela Richardson, chief economist at ADP, said: "Stronger hiring didn't require stronger pay growth last month.
"Typically, workers who change jobs see faster pay growth. But their premium over job-stayers shrank to 1.9%, matching a low we last saw in January."