- Goods-producing sectors: Added 42,000 jobs, led by construction with 26,000 new positions.
- Service-providing sectors: Contributed 101,000 jobs, with leisure/hospitality and education/health services as top performers.
- Regional distribution: The South saw the largest regional gains, adding 61,000 jobs, followed by the Northeast with 32,000, and the Midwest with 26,000.
Pay Growth Slows Despite Job Growth
Despite the stronger job growth, wage increases have cooled slightly. The ADP report indicated that year-over-year pay growth for job-stayers dropped to 4.7%, while job-changers saw a sharper decline, with pay gains falling from 7.3% in August to 6.6% in September. This suggests that while employers are adding more jobs, they are not increasing wages as aggressively, likely reflecting a cautious approach amidst uncertain economic conditions.
- Job-stayers’…
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