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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
"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."
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.
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.”
“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: