Private sector job growth appears to have taken a hit in September due to Hurricanes Harvey and Irma and increased by just 135,000 in September.
U.S. private sector payroll processor ADP reported the 135,000 private sector payroll figure for September earlier this morning while adding the August total of jobs added was revised slightly down from 235,000 to 228,000.
“Hurricanes Harvey and Irma hurt the job market in September. Looking through the storms the job market remains sturdy and strong” said Mark Zandi, chief economist of Moody’s Analytics in a released statement.
“In September, small businesses experienced a dip in hiring,” said Ahu Yildirmaz, vice president and co-head of ADP Research Institute.
“This is in part due to Hurricane’s Harvey and Irma which significantly impacted smaller retailers. In addition, the continued slow down we have seen in small business hiring could be due to a lack of competitive compensation to attract skilled talent” Yildirmaz added in a released statement.
Today’s private sector payroll report is a precursor to Friday’s closely watched non-farm U.S. payroll report for September from the U.S. Bureau of Labor Statistics.
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