ADP Jobs Report Beats Expectations

ADP just released their private sector job creation figures, showing that companies added 241,000 workers versus expectations of 226,000. The service sector was the big contributor, showing a gain of 194,000, while goods producers added 46,000 jobs. Small business (less than 50 employees) came in with an additional 106,000 jobs, with medium (50-499) gaining 70,000 workers and large business (greater than 499) hiring 66,000. The ADP report continues to show steady, albeit muted, gains on a monthly basis. The ADP report is a prelude to Friday's jobs report from the BLS, with expectations of 243,000 non farm jobs.