ADP jobs report

ADP said a net 143k private sector jobs were added in September, above the estimate of 125k and up from 103k in August (revised up by 4k). Again, most of the job growth is coming from medium and large companies as small businesses, defined as having less than 50 employees, continued to shed jobs on balance for 3 straight months.

Services contributed 101k jobs led by leisure/hospitality, education/health and professional/business services. Information remains a drag, losing 10k. Construction jobs drove the upside on the goods producing side with a gain of 26k, many of which are building semi and EV battery facilities. Manufacturing added 2k.