ADP reports private-sector employment slowed in September as firms added 135,000 jobs. Economists expected 140,000 jobs. ADP initially reported 237,000 for August, revised downward to 228,000. The small-business sector lost jobs, while medium and large firms reported gains. The ADP data may be more important than usual this month as it is less affected by hurricanes than the government data. Workers are included in the ADP payroll numbers even if they are not paid due to bad weather.
The Institute for Supply Management’s index of service-oriented companies such as banks and retailers jumped to a 12-year high of 59.8% in September from 55.3%. The last time it was higher was in August 2005. Numbers over 50% are positive for the economy and over 55% is considered exceptional. New orders, production, and employment all increased. Fifteen of the 17 industries tracked are expanding. In September, the ISM’s services and manufacturing indexes both hit levels not seen since before the 2007-2009 recession,
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
