US labor market stronger than expected, adding 208,000 jobs

CNBC news agency reported that the US labor market. It was strong in September after private companies added more jobs than expected. (ADP), a human resources services agency, reported on Wednesday (October 6)

Businesses added 208,000 jobs in September. That is 200,000 higher than the Dow forecasts and better than the 185,000 in August.

Such an increase occurred The manufacturing sector saw 29,000 job losses, 13,000 job losses in the manufacturing sector, and 16,000 job losses in the natural resources and mining sector.

However, employment has grown by leaps and bounds in trade, transport and utilities. which came to compensate for the decline in employment in the above industries. After the business sector total added 147,000 jobs.

The provision of professional and business services Jobs increased by 57,000, the education and health services increased by 38,000, and the hospital and entertainment sectors increased by 31,000, down 19,000 jobs and a decrease of 16,000 in financial activity.

By size, companies with 50-499 employees added 90,000 jobs, while large companies added 60,000 and small businesses 58,000.

The labor market has also seen another month of big pay rises. Annual wages have increased by 7.8 percent since last year, according to a report released by ADP, compiled with the Stanford Digital Economy Lab.

The change in employment has brought the median annual wage to 15.7 percent, down from 16.2 percent in August, the largest monthly decline in three years since ADP tracked the data.

The ADP report was released two days before the US non-farm payrolls. from the Ministry of Labour

However, that has been assessed Non-agricultural employment figures for September to be revealed this Friday An increase of 275,000 jobs is expected, although the ADP previously revised the private sector wage figure in August from 132,000 to 185,000, but the figure is still less than the ministry’s figure. In August 315,000 jobs were added.

Federal Reserve Bank (Fed) officials are closely monitoring employment numbers. Because the Fed sees it as a continuation of high inflation.

last Wednesday Other economic information has been revealed. as the US trade deficit has fallen again It fell to $674 billion in August, the lowest level since May. 2021

In addition, the service sector index for September data collected by the US Institute of Supply Management (ISM) fell to 56.7 percent, a figure that still shows business expansion. And it’s better than expected at 56%.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.