Private sector gains 143,000 jobs in September as wage growth slows

10/3/2024 8:58:09 AM

(MENAFN) Private sector hiring improves in September, signaling labor market resilience despite some signs of weakness, according to payroll processing firm ADP.

Companies add 143,000 jobs during the month, surpassing the upwardly revised 103,000 in August and exceeding economists' consensus forecast of 128,000, as polled by Dow Jones.

While hiring increases, pay growth slows. The 12-month gain for employees staying in their jobs eases to 4.7 percent, while the wage growth for job switchers drops to 6.6 percent, down 0.7 percentage points from August.

Job gains are widespread, with leisure and hospitality leading the way at 34,000, followed by construction (26,000), education and health services (24,000), professional and business services (20,000), and other services (17,000).

Information services is the only category to report a loss, declining by 10,000 jobs.

Service providers contribute 101,000 of the total job gains, with goods producers adding the remaining positions.

All growth comes from companies with more than 50 employees, while small firms experience a loss, with businesses employing fewer than 20 workers down by 13,000.

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