US ECONOMIC growth looks robust as data released yesterday showed more Americans were getting jobs as well as the manufacturing sector growing strongly.
Private employers created 213,000 jobs in September, according to payroll processor ADP.Trade, transportation and utilities led the job gains, with 38,000.
Manufacturers added 35,000, and professional and business services, 29,000. Economists now expect to see better jobs numbers for September when the government releases its popular non-farm payrolls data this Friday after August came in well below expectations.
The purchasing managers index for manufacturing, collated by the Institute for Supply management, remained high in September. It was down from the August figure but that was unusually high.
“The decline in the ISM manufacturing index in September won’t cause any sleepless nights at the Fed when the index has fallen from a high level and when it is still consistent with GDP growing at an annualised rate of at least three per cent.” said economist Paul Dales from Capital Economics.