The economic mover and shaker this week is Friday’s employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository). Today we have the ADP September estimate of 230K new nonfarm private employment jobs, an increase over the ADP revised August figure of 168K.
The 230K estimate came in above the Investing.com consensus of 187K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 180K nonfarm private new jobs and the unemployment rate to drop to 3.8%. Their forecast for the September full nonfarm new jobs is (the PAYEMS number) is 185K.
Here is an excerpt from today’s ADP report press release:
“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Both the goods and services sectors soared. The professional and business services industry and construction served as key engines of growth. They added almost half of all new jobs this month.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Employment gains are broad-based across industries and company sizes. At the current pace of job creation, unemployment will fall into the low 3%’s by this time next year.”
Here is a visualization of the two series over the previous twelve months.
