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U.S. nonfarm private employment rose by 58,000 in September from August, another weak reading, according to the National Employment Report from Automatic Data Processing Inc. (NYSE: ADP) released today.
"This month's ADP National Employment Report was the third consecutive weak reading and confirms the recent deceleration in employment," said Joel Prakken, chairman of Macroeconomic Advisers LLC, which conducted the study for ADP.
The service sector added 97,000 jobs in September, according to the report. Employment in the goods-producing sector fell 39,000, the 10th consecutive monthly decline.
"Two sectors of the economy hit hardest by recent problems in mortgage markets have been residential construction and financial activities related to home sales and mortgage lending," Prakken said. Construction employment fell 20,000 in September, while employment in the financial sector fell 7,000, according to the report.
The report is based on data from ADP derived from an anonymous subset of roughly 500,000