Trump Effect: Jobs continued amazing growth in September

Private sector employment increased by 230,000 jobs from August to September according to the September ADP Report.  The impressive jobs numbers come on the heels of a report that showed wages also rose last 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.”

September showed job gains across a broad swath of the American economy again benefiting from the Trump administration’s economic policies.

“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.”

President Trump highlighted the amazing numbers in a tweet Wednesday morning.

“Blowout numbers on New Jobs and, separately, Services,” he tweeted. “Market up!”

September 2018 Report Highlights

Total U.S. Nonfarm Private Employment:     230,000

By Company Size

– Small businesses:     56,000

• 1-19 employees     35,000
• 20-49 employees     21,000

– Medium businesses:     99,000

• 50-499 employees     99,000

– Large businesses:     75,000

• 500-999 employees     26,000
• 1,000+ employees     49,000

By Sector

– Goods-producing:     46,000

• Natural resources/mining     5,000
• Construction     34,000
• Manufacturing     7,000

– Service-providing:     184,000

• Trade/transportation/utilities      30,000
• Information     -3,000
• Financial activities     16,000
• Professional/business services     70,000
  • Professional/technical services     25,000
  • Management of companies/enterprises     7,000
  • Administrative/support services     38,000
• Education/health services      44,000
  • Health care/social assistance     37,000
  • Education     7,000
• Leisure/hospitality     16,000
• Other services     10,000

* Sum of components may not equal total, due to rounding.

– Franchise Employment**

• Franchise jobs     -5,700

The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.