ADP Reports 90,000 September Jobs Exceeding Market Estimates
ADP reported that private sector employment rose by 90,000 jobs in September, signaling a labor market rebound ahead of official government data.
Private sector employment in the United States rose by 90,000 jobs in September, according to a report from ADP. This figure exceeded the Dow Jones consensus estimate of 68,000 and marked a significant rebound from a revised gain of 36,000 in August.
Growth was primarily driven by the education and health services sectors, which added 55,000 positions, with further gains in manufacturing, construction, and leisure and hospitality. These gains were partially offset by job losses in professional services and financial activities. The Northeast region contributed the most to the overall growth, adding 56,000 jobs. Pay growth remained steady, with base pay increasing 3.2% and gross pay rising 4.7% year-over-year.
The results align with expectations from prediction markets such as Kalshi and Polymarket, where traders had bet on growth exceeding 90,000. Federal Reserve officials view the stabilizing labor market as a sign of strength, allowing them to prioritize persistent inflation as the primary policy risk. This follows a September interest rate hike enabled by a strong August report of 162,000 added jobs.
These findings serve as a precursor to the official nonfarm payrolls data from the Bureau of Labor Statistics, scheduled for release on Friday.
