ADP jobs up 568K in September, beating estimates for 340K

• ADP Jobs Report: +568K vs. +428K consensus and +340K prior (revised).
• Goods producing sector added 102K jobs, while service producing sector added 466K jobs.
• “The labor market recovery continues to make progress despite a marked slowdown from the 748,000 job pace in the second quarter,” said Nela Richardson, chief economist, ADP. “Leisure and hospitality remains one of the biggest beneficiaries to the recovery, yet hiring is still heavily impacted by the trajectory of the pandemic, especially for small firms. Current bottlenecks in hiring should fade as the health conditions tied to the COVID-19 variant continue to improve, setting the stage for solid job gains in the coming months.”