Private job creation picked up in September after a brief slowdown, providing further indication that the U.S. labor market has stabilized, according to an ADP report Wednesday. The payrolls processing firm said company employment rose by 90,000 for the month, higher than the downwardly revised 36,000 in August and better than the Dow Jones consensus estimate for 68,000. There also was a fair amount of balance in the report, with service providers adding 59,000 positions while goods producers contributed 31,000. Base pay rose 3.2% from a year ago, while gross pay accelerated by 4.7%. "It's a strong report," said ADP chief economist Nela Richardson. "After a three-month slowdown, job creation rebounded and pay growth remained solid.
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