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What September’s Services PMI Signals for Developed Markets

PART:
1 2 3 4 5 6 7 8 9 10 11
Part 9
What September’s Services PMI Signals for Developed Markets PART 9 OF 11

Key ADP Highlights: 135,000 Jobs in September

ADP reports

The ADP National Employment Report for September 2017 was released on Wednesday, October 4, 2017. The report showed some weaker improvement in private sector employment to 135,000 in September compared to the market’s expectation of 125,000. In August 2017, private sector employment stood at 237,000.

Key ADP Highlights: 135,000 Jobs in September

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Key highlights from the September report

The professional and business sectors added 51,000 jobs in September, the education and health sectors added 29,000 jobs, and the financial activities (XLF) sector added 4,000 jobs. The leisure and hospitality sector added 20,000 jobs, and other services added 13,000 jobs in that month. However, the trade, transportation, and utilities (XLU) sectors showed job losses of 18,000.

Of the 135,000 jobs in the private sector in September, 7,000 jobs were lost in the small business category. However, 63,000 came from the medium business category, and about 79,000 came from the large business category.

Impact on the economy

The overall employment figures showed a weaker improvement in September 2017. Hurricanes Harvey, Irma, and Maria affected the US jobs growth in that month. Consumer spending also fell during the month, mostly due to these major hurricanes.

However, the economy is continuing its strong stance. The stronger improvement in the labor market is necessary for the economy (IWM) (QQQ) and the market (SPY) to post solid improvements.

In the next part of this series, we’ll analyze the performance of the US non-farm payroll in September 2017.

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