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ADP Employment Tumbles Near 3-Year Lows As Manufacturing Slump Continues

The US economy added 154k jobs in September according to ADP, missing expectations of 165k and down from 175k revised lower in August. This is the weakest print since April as manfacturing slows (down 6k) once again, near 3 year lows. Payrolls for businesses with 49 or fewer employees increased by 34,000 jobs in September, down from 68,000 in August. Employment at companies with 50-499 employees increased by 56,000 jobs, up from last month’s 40,000.
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