Tepid Jobs Report Better Than Expected: Employers Added 162,000 Jobs In September
NEW YORK, Oct 3 (Reuters) - U.S. private employers added 162,000 jobs in September, topping economists' expectations, a report by a payrolls processor showed on Wednesday.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 143,000 jobs. August's private payrolls were revised down to an increase of 189,000 from the previously reported 201,000.
While the numbers were a bit better than expected, it still was a drop from August, when ADP said private employers added 189,000 jobs, notes CNNMoney. The ADP report, while watched closely, sometimes diverges from what the federal government reports in its official monthly job report. That report includes the public sector and is due on Friday.
Today's report is "consistent with a moderate pace of job growth and we still haven't made much headway with the losses during the downturn," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We would like to see growth on the order of 200,000 to 250,000."
CNNMoney reports that in its survey of economists, economists predicted that Friday's labor report would show 110,000 jobs were added in September, after accounting for 11,000 government job cuts.
The report is jointly developed with Macroeconomic Advisers LLC.
"This is consistent with a moderate pace of job growth and we still haven't made much headway with the losses during the downturn," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
"We would like to see growth on the order of 200,000 to 250,000."
U.S. stock index futures added to gains immediately after the data, while the dollar edged higher against the yen.
The ADP figures come ahead of the government's much more comprehensive labor market report for September due on Friday, which includes both public and private sector employment.
That report is expected to show job growth improved slightly, with employers adding 113,000 jobs. Private payrolls are seen rising by 130,000.
Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.
AOL Jobs contributed to this report.
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