Private payroll growth beats economist expectations

ADP has reported that private companies added 143,000 jobs in September, an acceleration from 103,000 in August and better than the 128,000 consensus forecast by economists polled by Dow Jones. The gains were spread across industries, with leisure and hospitality adding 34,000, construction 26,000, education and health services 24,000, professional and business services 20,000, and other services 17,000. The rate of pay growth decelerated, with the 12-month gain for those sticking with their employer slightly lower at 4.7%, and down 0.7 point to 6.6% for job switchers.