Private companies topped expectations for job creation in September, adding 200,000 new positions thanks in part to a boost from large companies.
Small firms with fewer than 50 employees have been the primary engine of job creation during the post-recession recovery, but that turned last month, according to a report Wednesday from ADP and Moody’s Analytics.
Companies with more than 500 workers added 106,000 new positions for the month, with medium-sized businesses adding 56,000 and small firms contributing just 37,000.
“This is a machine. The job market is just pumping out a lot of jobs,” said Mark Zandi, chief economist at Moody’s.
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