- Private payrolls rose by 230,000 in September, according to the most recent count by ADP and Moody’s Analytics.
- That was well ahead of expectations for 185,000 and the 168,000 jobs reported in August.
- Moody’s economist Mark Zandi said the current pace suggests an unemployment rate of close to 3 percent in a year.
Job growth surged in September to its highest level in seven months as the economy put up another show of strength, according to a report Wednesday from ADP and Moody’s Analytics.
Private companies added 230,000 more positions for the month, the best level since the 241,000 jobs added in February and well ahead of the 168,000 jobs added in August.
The total was well ahead of the 185,000 jobs expected by economists surveyed by Refinitiv (formerly Thomson Reuters).
Construction grew by 34,000 as goods-producing industries overall contributed 46,000 to the final count.
“This labor market is rip-roaring hot,” Mark Zandi, chief economist at Moody’s Analytics, told CNBC. “The risk that this economy overheats is very high, and this is one more piece of evidence of that.”