Lebenthal Global Advisors President Dominick Tavella argues that many Americans don't want to return to work yet.
U.S. private-sector hiring accelerated in September as supplemental unemployment benefits expired.
The U.S. economy added 568,000 private-sector jobs last month, up from a downwardly revised 340,000 in August, according to the ADP National Employment report released Wednesday. Analysts surveyed by Refintiiv had expected the addition of 428,000 jobs.
"The labor market recovery continues to make progress," 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."
Service-sector hiring accelerated last month with the addition of 466,000 jobs, up from 329,000 in August. The gains were paced by the leisure and hospitality sector, which added 226,000 new workers, up from last month's 201,000 new hires. Education and health services (+66,000), professional and business services (+61,000) and trade, transportation and utilities (+54,000) also saw robust hiring.
Hiring by the goods-producing sector also accelerated, with 102,000 new workers last month, led by manufacturing (+49,000) and construction (+46,000).
Job gains picked up for large-sized businesses (+390,000), but slowed for small- (+63,000) and medium-sized (+115,000) businesses.
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The improvement in hiring comes after the $300 per week in supplemental unemployment benefits expired on September 5. The extra payments allowed some workers to make more money by staying at home than from being employed.
The Labor Department's nonfarm payroll report is due out Friday with analysts surveyed by Refinitiv expecting the U.S. economy to have added 73,000 jobs in September. The economy gained added 235,000 jobs in August.
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