Following September’s big hurricane-precipitated slowdown in the labor market, moments ago ADP reported that in September private payrolls rebounded from a downward revised 110K (from 135K), which was still significantly higher than the BLS’ own negative print, to 235K beating expectations of a 200K print (which emerged from a decided wide range of estimates, from 135K to 340K) and the highest since March.
Commenting on the stronger than expected print, Ahu Yildirmaz, vice president and co-head of the ADP Research Institute said “The job market remains healthy and hiring bounced back with one of the best performances we’ve seen all year. Although the service providing sector was hard hit last month due to the weather, we saw significant growth in professional services, especially in the higher paid professional technical jobs. Additionally, small businesses rebounded well from the impact of Hurricanes Harvey and Irma, posting very strong gains.”
ADP’s Mark Zandi, also chief economist at Moody’s Analytics, said, “The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma. Resurgence in construction jobs shows the rebuilding is already in full swing. Looking through the hurricane-created volatility, job growth is robust.”
Some more details, starting with Change in Nonfarm Private Employment:
Change in Total Nonfarm Private Employment
The full breakdown:
The ADP inforgraphic: