ADP Private Payrolls Beat Expectations

Private payrolls grew by 213,000 in September, according to the latest report from ADP.

Expectations were for the report to show payrolls grew 205,000 in September, roughly unchanged from last month’s 204,000.

August’s report was also revised down to a gain of 202,000 jobs from 204,000.

“September’s jobs added number marks the sixth straight month of employment gains above 200,000,” said Carlos Rodriguez, president and chief executive officer of ADP. “It’s a positive sign for the economy to see the 200,000-plus trend continue.”

Following the report, Ian Shepherdson at Pantheon Macro said, “In one line: Solid, and perhaps suggests upside risk for Friday’s official data… The strength in the ADP reading, given the drag from August, therefore suggests upside risk to the 217K consensus forecast for Friday, though remember as always the margins of error in both numbers are very high.”

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