US: NFP likely to gain 150k in September – TD Securities

Analysts at TD Securities note that the US ADP employment data for September largely met expectations, posting a 135k gain vs. consensus expectations at 140k.

Key Quotes

“Last month’s number was revised lower, which was expected given it overstated the private employment gains in the August payrolls report. In the details, employment in the goods producing sector rose by 8k in September, while service sector jobs increased by 127k.”

“All in, the ADP report supports our and the market’s view of a ~150k gain in payrolls for September (out Friday).”

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