According to the ADP National Employment Report, the private sector employment increased by 166,000 jobs from August to September. Businesses with 49 or fewer employees added 74,000 jobs in September. Employment levels among medium-sized companies with 50-499 employees rose by 28,000, while employment at large companies – those with 500 or more employees – increased by 64,000.
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market appears to have softened in recent months. Fiscal austerity has begun to take a toll on job creation. The run-up in interest rates may also be doing some damage to jobs in the financial services industry. While job growth has slowed, there remains a general resilience in the market. Job creation continues to be consistent with a slowly declining unemployment rate.”
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