Small businesses, the backbone of the economy, revved up hiring in September, a new report showed on Wednesday. Private payrolls created 213,000 new positions, according to a report from ADP and Moody's Analytics. Small businesses with fewer than 50 employees led the way, adding 88,000. The service sector grew by 155,000 against a 58,000 gain on goods-producing. Trade, transportation and utilities added 38,000 new jobs. Manufacturing grew by 35,000, professional and business services expanded by 29,000 and construction was up 20,000.
"Job gains remain strong and steady," said Mark Zandi, chief economist of Moody's Analytics, which co-develops the report. "Especially encouraging most recently is the increasingly broad base nature of those gains," he said in a press release. "Nearly all industries and companies of all sizes are adding consistently to payrolls." The Labor Department releases the September jobs report on Friday. Economists expect it will show 215,000 new nonfarm payroll jobs.
-- CNBC and Reuters