Private sector added 208,000 jobs in September

Oct. 5 (UPI) -- Private companies added more jobs in September as the U.S. labor market exceeded expectations, according to data from payroll services firm ADP.

Businesses added 208,000 jobs last month, which beat the 200,000 estimate from Dow Jones and the revised 185,000 number in August.

The biggest gains came in the trade, transportation and utilities industries which gained 147,000 new jobs last month. Manufacturing jobs were down 13,000 and goods-producing industries reported a loss of 29,000 positions.

The market also saw a pay hike with annual pay increasing 7.8% from a year ago.

"We are continuing to see steady job gains," said Nela Richardson, chief economist, ADP. "While jobstayers saw a pay increase, annual pay growth for job changers in September is down from August."

The reported increase comes one day after the Bureau of Labor statistics said that the available number of job openings plunged from 11.17 million in July to 10.05 million in August.

Wednesday's jobs report comes as the Federal Reserve is keeping a close eye on economic measures in its efforts to stem inflation with tighter monetary policy.

A United Nations report published Monday criticized the Federal Reserve's ongoing hikes to interest rates to cool inflation.

"The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies," the report said.