US private sector adds 143,000 jobs in September

The US private sector added 143,000 jobs in September, more than analysts had expected, according to data from Automatic Data Processing (ADP). This comes days before the Labor Department’s monthly jobs report.

According to CNBC and according to data released today, Wednesday, the total number of jobs added by the private sector reached 143,000 compared to 103,000 in August, and compared to expectations of 124,000.

While hiring increased, the rate of wage growth witnessed a new decline.

Job gains were broad-based, led by the leisure and hospitality sectors with 34,000, followed by the construction sector with 26,000, and in third place came health services with 24,000.

The information services sector was the only sector to see job losses of 10,000 jobs. In terms of size, the growth came from companies with more than 50 employees.

US jobs reports are of cyclical importance, but they are of greater interest this period after the US Federal Reserve began its monetary easing cycle by cutting interest rates by 50 basis points in September. Markets expect the US central bank to continue the rate cut process at its November meeting, but expectations are uncertain about the amount of the cut.