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Private sector job growth surges in September

Job fair
Photo: David McNew/Getty Images

Private employers added a whopping 230,000 jobs in September — far above the 185,000 economists expected — according to payrolls firm ADP and Moody's Analytics.

Why it matters: The number is a rebound from August's hiring slowdown in the private sector. In a statement, Moody's Analytics chief economist Mark Zandi said he expects unemployment to drop "into the low 3%'s by this time next year" based on the pace of job creation.

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