ADP Says Payrolls at Companies in U.S. Increase 200000

30 Sep 2015 | Author: | No comments yet »

ADP Report Shows Job Growth Decelerating.

WASHINGTON (AP) — Buoyed by strong consumer spending and steady home sales, U.S. businesses added jobs at a healthy pace in September, according to a private survey. U.S. stock futures trimmed some of their solid gains Wednesday following a report from the payroll processor ADP that showed higher-than-expected job gains in the private sector in September.Shaking off financial market turmoil, U.S. companies accelerated their hiring in September and added 200,000 net new jobs, payroll firm Automatic Data Processing said Wednesday.WASHINGTON (MarketWatch) — Companies in the U.S. private sector added 200,000 jobs in September, suggesting little letup in the pace of hiring across the country.

September job growth will be a major factor in the decision by Federal Reserve policymakers whether to raise a key interest rate for the first time in nearly a decade. Economists use ADP’s data to get a sense of how many new jobs the government’s official employment will report show, but the two job surveys don’t always line up from month to month. While payrolls aren’t rising quite as fast now as at their peak late last year, said Ian Shepherdson of Pantheon Macroeconomics, leading indicators of payroll growth—such as jobless claims—remain firm.

Fed officials opted to hold the so-called federal fund rate at near 0% after their September meeting to allow for more time to assess whether the recent turmoil in financial markets had harmed the U.S. economy. Economists forecast that report will show that employers added 206,000 jobs, and the unemployment rate held at 5.1 percent for the second straight month. Futures for the Dow Jones Industrial Average YMZ5, +1.05% were 167 points, or 1%, higher to 16,117.00, while those for the S&P 500 index ESZ5, +1.09% added 21.25 points, or 1.1%, to 1,895.50.

The low cost of oil has also forced energy producers to slim down. “Despite job losses in the energy and manufacturing industries, the economy is creating close to 200,000 jobs per month, “ said Mark Zandi, chief economist of Moody’s Analytics, which prepares the report using ADP’s data. “At this pace full employment is fast approaching.” Moody’s prepares the ADP report using the payroll company’s data. The main indexes rallied hours before the opening bell following a positive sentiment in Asia, where almost all markets closed sharply higher after an optimistic report on Chinese consumer sentiment. Job openings are at an all-time high, consumer confidence is at a postrecession high and Americans have even increased spending a bit recently, particularly on new cars and trucks. Even with an unofficial unemployment rate of 5.1%, however, more than 16 million Americans who say they want a full-time job still can’t find one, an unusually high number so deep into an economic recovery.

Wednesday’s start might help global stocks pare steep declines for the markets in the quarter, as they were unsettled by concerns about slowing economic growth in China. That has encouraged more homebuilding: Developers started construction on 11 percent more homes in the first eight months of this year than at the same point in 2014.

For the month, the Nasdaq was as of Tuesday’s close looking at 6.4% loss, the Dow average on track for 3.6% drop and the S&P set for a 5.3% monthly slide. Fed speakers: Among the highlights, New York Fed President William Dudley will deliver remarks on market liquidity at a Sifma event in New York at 8:30 a.m. Eastern. “We know that they are likely to stay on message about rate hikes this year, essentially denying that the September FOMC statement ever happened,” said Paul Donovan, global economist at UBS, in a note. TSLA, -0.72% gained 2.4% in premarket trade after the electric-car maker late Tuesday unveiled its Model X SUV and said it would come with a “bioweapon defense mode”. RL, -0.79% jumped 6.7% premarket news late Tuesday that the company’s founder is handing over the role of chief executive officer to Stefan Larsson, who just stepped down as the president of Gap Inc.’s GPS, +0.30% Old Navy business.

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