The most recent ADP National Employment Report predicts employers continued to hire, and add jobs to the economy, all through September.
Jobs are set to increase by 154,000 in September, according to the report provided today by the payroll services company. In comparison, August’s increase came in at 151,000.
“The current record of consecutive monthly job gains continued in September,” Moody’s Analytics Chief Economist Mark Zandi said. “With job openings at all-time highs and layoffs near all-time lows, the job market remains in full-swing.”
“Job growth has moderated in recent months, but only because the economy is finally returning to full-employment,” Zandi said.
While the report showed an increase of 151,000 in the service-providing sector, the increase came in at only 3,000 in the goods-producing sector.
Some gains, or losses, were made in these areas:
Trade, Transportation and utilities: Increased 15,000
Financial Activities: Increased 11,000
Professional and business: Increased 45,000
Construction: Increased 11,000
Manufacturing: Decreased 6,000
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(Source: ADP, Moody’s Analytics, BLS)
“Job gains in September eased a bit when compared to the past 12-month average,” said Ahu Yildirmaz, ADP vice president and head of the ADP Research Institute. “We also observed softening this month in trade/transportation/utilities, possibly due to a continued tightening U.S. labor market and lackluster consumer spending.”
While ADP’s prediction in August came closer to the employment report with a prediction of 177,000 versus the report’s 151,000, it hasn’t had the best track record.
In July, ADP predicted a jobs increase of 179,000, but the report came in much higher at 255,000. In June, ADP predicted a jobs increase of 172,000, right before the report came in at 287,000. Before that, ADP predicted an increase of 173,000, and the report came in at a shockingly low 38,000.
However, the predicted uptick in construction is much needed.
Home inventory fell for the fifth straight quarter in July, nearing record lows, according to the most recent report by Trulia.
In fact, San Francisco’s competitive employment market is causing many construction companies to lose workers and driving a trend towards more expensive housing.