MW: Private payrolls gain 162,000 in September: ADP
By Steve Goldstein
WASHINGTON (MarketWatch) -- Private payrolls expanded by 162,000 in September, according to payrolls processing firm ADP. Estimated gains in previous months were revised lower: The July increase was reduced by 17,000 to an increase of 156,000, while the August increase was reduced by 12,000 to an increase of 189,000. Most of the September growth came from the services sector, which saw a 144,000 gain, with goods-producing firms adding 18,000 jobs. Economists polled by Dow Jones Newswires had expected a 153,000 jobs increase for September. The ADP data historically is one of the best indicators of the Labor Department's jobs data, which is due Friday, though at times there's a wide month-to-month discrepancy between the government and ADP data. For Friday, economists forecast by MarketWatch anticipate a 113,000 increase in nonfarm payrolls, which also includes government jobs that the ADP report excludes.
