By 
U.S. private payrolls rose more than anticipated in September as COVID-19 infections started declining, allowing Americans to travel and taking part in other high-contact activities.
Source: ADP.
DXY up +0.33%, EUR USD down -0.44%
Private payrolls jumped by 568,000 jobs last month. Data for August was revised lower to indicate 340,000 jobs rather than the earlier reported 374,000.
Labor market indicators reported mixed results in September. A survey from the Conference Board last week reported consumers’ views of current labor market conditions softened.
The number of people on state unemployment rolls dropped in mid-September compared to mid-August.
Nela Richardson, the ADP chief economist, stated that the labor market recovery continues to progress irrespective of a marked slowdown from the 748,000 job rate in the second quarter.
Leisure and hospitality remain one of the biggest beneficiaries of the recovery, but hiring is still heavily impacted by the trajectory of the pandemic.
Current bottlenecks in hiring should decline as the health conditions linked to the COVID-19 variant continue to improve, opening an opportunity for solid job gains in the coming months.
Comments