U.S. employment rates continue to climb, increasing in nearly every sector in September, according to the ADP and Moody's Analytics National Employment Report.
The National Employment Report indicates that private sector employment increased 230,000 jobs from August to September.
The chart below demonstrates a steady rate of increase since 2013:
(Source: ADP, Moody’s Analytics)
ADP Research Institute Vice President and Co-Head Ahu Yildirmaz said the labor market continues to impress.
“Both the goods and services sectors soared,” Yildirmaz stated. “The professional and business services industry and construction served as key engines of growth. They added almost half of all new jobs this month.”
The report revealed that construction jobs increased once again, and overall the goods-producing sector is predicted to increase by 46,000 jobs.
Below is a breakdown of job segments that saw increases or decreases in employment between august and September:
Natural resources and mining: Increase 5,000
Construction: Increase 34,000
Manufacturing: Increase 7,000
The service-providing sector is predicted to increase by 184,000 jobs, including:
Trade, transportation and utilities: Increase 30,000
Information: Decrease 3,000
Financial activities: Increase 16,000
Professional and business services: Increase 70,000
Education and health services: Increase 44,000
Leisure and hospitality: Increase 16,000
Other services: Increase 10,000
Moody’s Analytics Chief Economist Mark Zandi said the job market continues to power forward.
“Employment gains are broad-based across industries and company sizes,” Zandi said. “At the current pace of job creation, unemployment will fall into the low 3%’s by this time next year.”