The outpouring of strong U.S. economic data continued as the Dow Jones Industrial average got lifted over 100 points today thanks to private payrolls growing stronger than expected in September with 230,000 positions added.
The private payrolls total easily bested the 168,000 jobs added in August and more than the 185,000 expected by a survey of economists. The 230,000 positions added was the highest since the 241,000 jobs added in February.
“This labor market is rip-roaring hot,” said Mark Zandi, chief economist at Moody’s Analytics. “The risk that this economy overheats is very high, and this is one more piece of evidence of that.”
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The other major indexes were also up on the news with the S&P 500 gaining over 10 points and the Nasdaq Composite rose over 20 points as of 11:00 a.m. ET. Names like Intel, Boeing and Caterpillar filled the leaderboard for the Dow with Wynn Resorts topping the S&P and Nasdaq.
“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Both the goods and services sectors soared.”
“The professional and business services industry and construction served as key engines of growth,” Yildirmaz added. “They added almost half of all new jobs this month.”
In addition to the private payrolls data, the U.S. services sector grew last month at its fastest pace based on data released by the Institute for Supply Management. The ISM non-manufacturing index ticked up to 61.6, which represents its highest level since 2008, beating out a poll of economists expecting the index to show 58 for the month of September.
“The non-manufacturing sector has had two consecutive months of strong growth since the ‘cooling off’ in July. Overall, respondents remain positive about business conditions and the current and future economy,” said Anthony Nieves, ISM chair, in a statement.
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