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News : US Economy Last Updated: Oct 6, 2011 - 2:19 AM


US services activity expanded in September for the 22nd consecutive month; Private-sector employment grew by 91,000 jobs
By Finfacts Team
Oct 5, 2011 - 4:22 PM

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US services activity expanded in September for the 22nd consecutive month, say the nation's purchasing and supply executives in the latest Non-Manufacturing ISM Report On Business. Meanwhile, private-sector employment increased by 91,000 in September.

Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee commented: "The NMI registered 53% in September, 0.3 percentage point lower than the 53.3% registered in August, and indicating continued growth at a slightly slower rate in the non-manufacturing sector.

The Non-Manufacturing Business Activity Index increased 1.5 percentage points to 57.1%, reflecting growth for the 26th consecutive month. The New Orders Index increased by 3.7 percentage points to 56.5%. The Employment Index decreased 2.9 percentage points to 48.7%, indicating contraction in employment after 12 consecutive months of growth.

The Prices Index decreased 2.3 percentage points to 61.9%, indicating prices increased at a slower rate in September when compared to August. According to the NMI, nine non-manufacturing industries reported growth in September. Respondents' comments reflect an uncertainty about future business conditions and the direction of the economy."

Industry Performance

The nine non-manufacturing industries reporting growth in September based on the NMI composite index - - listed in order - - are: Mining; Management of Companies & Support Services; Utilities; Wholesale Trade; Transportation & Warehousing; Information; Construction; Health Care & Social Assistance; and Retail Trade. The eight industries reporting contraction in September - - listed in order - are: Arts, Entertainment & Recreation; Educational Services; Professional, Scientific & Technical Services; Real Estate, Rental & Leasing; Other Services; Accommodation & Food Services; Public Administration; and Finance & Insurance.

Jobs

According to today’s ADP National Employment Report, employment in the nonfarm private business sector rose 91,000 from August to September on a seasonally adjusted basis. Employment in the private, service-providing sector rose 90,000 in September, up slightly from an increase of 83,000 in August. Employment in the private, goods-producing sector rose a scant 1,000 in September, while manufacturing employment declined by 5,000.

“Like August, this month’s jobs report continues to show modest job creation,” said Gary C. Butler, CEO of ADP, a major payroll processing firm. “The number of jobs added to the private sector in August and September were virtually identical. Once again, the small business services-sector led the way, contributing almost two-thirds of all new jobs. Small businesses overall showed positive growth for the 22nd straight month and averaged 73,000 jobs a month for the past 12 months. Professional business services, education and healthcare, and leisure services led all other sectors in new jobs added.”

According to Joel Prakken, chairman of Macroeconomic Advisers:  “Today’s ADP National Employment Report suggests that employment grew moderately in September. The recent trend in private employment, as indicated by the ADP National Employment Report, remains moderate, and probably is below a pace consistent with a stable unemployment rate. Moderate growth in employment is consistent with the recent deceleration of GDP.”

Prakken continued: “Employment on medium payrolls --  those with 50 to 499 workers - - rose 36,000 and employment on large payrolls—those with 500 or more workers - - declined 5,000. Employment in the construction industry fell 2,000 in September, partially reversing a rise of 7,000 in August.”

Private Sector Jobs Up 91K in September: Private sector employment ticked up 91,000 in September, according to the latest ADP data. CNBC's Steve Liesman & Rick Santelli weigh in:

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© Copyright 2011 by Finfacts.com

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