Economists were surprised by the strong jobs numbers reported by ADP yesterday. Allison Prang reports:
The U.S. private sector added 230,000 jobs in September, more than economists were expecting, with midsize businesses and the service sector continuing to dominate those gains, according to a report.
Economists polled by The Wall Street Journal were expecting the report to show the private sector added 185,000 jobs.
Of the 230,000 jobs the private sector added in September, 99,000 were for medium-size businesses, or firms that employ between 50 and 499 workers, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics.
Large businesses, which have at least 500 employees, added 75,000 jobs and small businesses, with 49 employees or less, added 56,000 jobs.
Read more here.
