Overview

• ADP reported private employment fell by 32,000 in September, with August revised to a 3,000 loss from a previously reported 54,000 gain.
• ADP’s annual recalibration to QCEW data materially lowered recent counts, including an estimated 43,000 reduction to September versus pre-benchmark figures.
• Small businesses drove the decline as firms with fewer than 50 employees shed 40,000 jobs, while companies with 500 or more workers added 33,000.
• Sector detail showed losses in leisure and hospitality and in professional and business services, partly offset by gains in education and health services.
• Wage growth moderated, with pay for job changers slowing to 6.6% year over year and pay for job stayers holding at 4.5%, as earlier BLS data also showed a low 3.2% hiring rate in August.