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Gulf Press > Business > Private sector payrolls exceed expectations in September
Business

Private sector payrolls exceed expectations in September

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Last updated: 2024/10/02 at 8:42 PM
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Private payrolls in the US increased more than expected in September, indicating that the labour market conditions were not deteriorating. According to the ADP National Employment Report, private payrolls rose by 143,000 jobs last month, following an upwardly revised 103,000 job increase in August. Economists had predicted an increase of 120,000 jobs, based on a previously reported gain of 99,000 in August. The ADP report, developed with the Stanford Digital Economy Lab, precedes the more comprehensive employment report from the Bureau of Labor Statistics, due on Friday.

Although there is not a strong correlation between the ADP and BLS employment reports, the initial prints from ADP have typically underestimated private payroll growth this year. Despite this, government data released earlier in the week showed that the labor market continued to perform well, with 1.13 job openings for every unemployed person in August. Sluggish hiring has been noted against a backdrop of increased labor supply due to immigration. The Federal Reserve has taken note of these concerns and recently cut its benchmark interest rate by 50 basis points, the first rate reduction since 2020, reflecting concerns over the labor market’s health.

As a response to the current labor market conditions, the Federal Reserve is expected to cut interest rates again in November and December. Economists surveyed predict that private payrolls likely increased by 125,000 in September, following a rise of 118,000 in August. With expectations of solid gains in government employment, nonfarm payrolls are anticipated to have increased by 140,000 last month, compared to 142,000 in August. The unemployment rate, forecasted to remain at 4.2 per cent, has risen from 3.4 per cent in April 2023.

Overall, the recent increase in private payrolls in the US is a positive sign that the labor market is still performing well despite concerns over sluggish hiring and increased labor supply. The Federal Reserve’s decision to cut interest rates reflects an effort to support the labor market amid uncertainties. Economists predict further interest rate cuts in the coming months to address ongoing challenges in the labor market. While the ADP and BLS employment reports may not always align, they both provide valuable insights into the state of the labor market and help guide policymakers in making informed decisions.

In conclusion, the US labor market continues to show resilience and strength, with private payrolls increasing more than expected in September. The upcoming employment reports from the ADP and BLS will provide further insights into the state of the labor market and help guide policymakers in addressing any challenges that may arise. With ongoing concerns over sluggish hiring and increased labor supply, it is crucial for policymakers to closely monitor the labor market and take appropriate actions to support job growth and economic stability.

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News Room October 2, 2024
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