The U.S. economy added 230,000 private, non-farm jobs in September, according to the monthly employment report released today by payroll-management firm ADP and its partner Moody’s Analytics. The seasonally adjusted result is a 38.5 percent increase from August’s upwardly revised addition of 166,000 jobs, and marks a 173 percent increase from last September, when 84,000 jobs were created.
“The job market continues to power forward,” said Moody’s Analytics chief economist Mark Zandi in a press release. “Employment gains are broad-based across industries and company sizes. At the current pace of job creation, unemployment will fall into the low 3 percent’s by this time next year”
Small businesses—firms that employ between one and 49 employees—gained 56,000 jobs in September. Within that group, firms that employ fewer than 20 people added 35,000 jobs, and firms with 20 to 49 employees created 21,000 new positions.
Mid-sized businesses—those with 50 to 499 employees—accounted for the largest share of employment gains by company size for the 11th consecutive month, with 99,000 positions added.