Wednesday, October 3, 2007

U.S. hiring weak again in September ... goods-producing sector fell by 39,000 jobs, manufacturing by 22,000

U.S. hiring weak again in September | Private-sector employment grew by 58,000, ADP says | By Rex Nutting, MarketWatch Last Update: 9:09 AM ET Oct 3, 2007
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Private payrolls grew by 58,000 in September, following a revised 27,000 gain in August, ADP said. It marks the third straight month of modest job growth. Read the full report.

Private-sector job growth has averaged just 42,000 per month over the past three months, down sharply from 95,000 in the first three months of the year.

The report suggests nonfarm payrolls may have grown less in September than the 113,000 anticipated by economists surveyed by MarketWatch. See Economic Calendar.
Adding in some 20,000 government jobs not covered by the ADP report, the report suggests the government's figures on nonfarm payrolls probably grew by about 80,000.
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According to ADP, the goods-producing sector fell by 39,000 jobs in September, including 22,000 in manufacturing.

Construction jobs fell by 20,000 in September and 157,000 in the past year.
Manufacturing and housing have been the sectors with the largest job losses in the past year, in both the ADP and government data. ...

The services sector added 97,000 jobs in September. Employment in financial services fell by 7,000, the second consecutive decline after six years of strong growth.

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