As President Barack Obama and challenger Mitt Romney prepare for tonight’s debate, the Dow Jones Industrial Average surged past the 13,500 mark this morning with news that the ADP National Employment Report showed the U.S. private sector added 162,000 jobs in September on a seasonally adjusted basis.
The data is derived from actual payroll data and measures the change in total nonfarm private employment each month. Estimated gains in previous months were revised lower: The July increase was reduced by 17,000 to an increase of 156,000, while the August increase was reduced by 12,000 to an increase of 189,000.
Carlos Rodriguez, president and chief executive officer of ADP said, “This month’s ADP National Employment Report shows an increase of 162,000 new jobs in September. Today’s report shows that year-to-date employment gains averaged 171,000 jobs per month, compared to an average increase of 138,000 jobs per month compared to the same period last year.”
According to Joel Prakken, chairman of Macroeconomic Advisers LLC, which helps ADP compile the report, “The September increase was above the consensus forecast for today’s release and for the official jobs number due out Friday from The Bureau of Labor Statistics. Continued solid gains in employment since spring further allay fears that the broad economic recovery may be undermined by a softening trend in employment. The gain in private employment in September is strong enough to suggest that the national unemployment rate may have declined.”
