Economy

Companies added better than expected 749,000 jobs amid jump in construction, hospitality, ADP says

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Companies added jobs at a faster-than-expected pace in September due in good part to a surge in manufacturing hires, according to a report Wednesday from ADP.

The firm’s monthly private-sector jobs count showed growth of 749,000, ahead of the 600,000 expected from a Dow Jones economist survey.

The report, done in conjunction with Moody’s Analytics, comes two days ahead of the more closely watched Labor Department count of nonfarm payrolls growth.

That report is expected to show an addition of 800,000 after August’s 1.37 million, with the unemployment rate projected to fall two-tenths of a point to 8.2%.

However, during the coronavirus pandemic, ADP’s initial estimate has often trailed the…



Source cnbc.com

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