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U.S. Private Sector Added 749,000 Jobs: ADP

Published 09/30/2020, 08:16 AM
Updated 09/30/2020, 08:18 AM

By Noreen Burke

Investing.com -- The U.S. private sector added 749,000 jobs in the month through mid-September, according to a report by payrolls processor ADP, a bigger-than-expected number that strengthened hopes that the labor market can hold up in the face of a seasonal increase in Covid-19 cases.

Analysts polled by Investing.com had expected the private sector to have added 650,000 jobs.

“The labor market continues to recover gradually,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

“In September, the majority of sectors and company sizes experienced gains with trade, transportation and utilities; and manufacturing leading the way. However, small businesses continued to demonstrate slower growth.”

August's figure was revised to show job gains of 481,000 from the gain of 428,000 that was initially reported.

The ADP numbers come ahead of the Labor Department's weekly report on initial jobless claims on Thursday and its nonfarm payrolls report for September on Friday.

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WELL DONE, DUMP TRUMPSTERS! .....  Extracted from (Bloomberg) -- The pandemic recession -- and the widespread U.S. business closures it spawned -- weighed on nearly all industries, as restaurants, hotels and entertainment businesses fared the worst. U.S. gross domestic product shrank at a 31.4% annualized rate in the second quarter, the Commerce Department’s third estimate showed Wednesday. Twenty of 22 industry groups contributed to the decrease in output during the period. The category of arts, entertainment, recreation, accommodation and food services plummeted an annualized 91.5% and subtracted about 6.6 percentage points from GDP.
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