US Private Sector Adds 239,000 Jobs in October: ADP
The US added 239,000 private-sector jobs in October, up from a revised 192,000 added in […]
The US added 239,000 private-sector jobs in October, up from a revised 192,000 added in September, according to the ADP National Employment Report.
ADP noted job gains emerged in October as restaurants, retailers and the travel sector ramped up hiring before the year-end holidays.
“This is a really strong number given the maturity of the economic recovery, but the hiring was not broad-based,” said Nela Richardson, chief economist at ADP. “Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains. While we’re seeing early signs of Fed-driven demand destruction, it’s affecting only certain sectors of the labor market.”
In terms of pay, job-stayers’ annual pay rose in line with recent months at 7.7%. However, annual pay growth for job-changers edged downward for the third consecutive month to 15.2% in October from 15.7% in September.
Here are the jobs added in October by sector:
Goods-producing, down 8,000
- Natural resources/mining, up 11,000
- Construction, up 1,000
- Manufacturing, down 20,000
Service-providing, up 247,000
- Trade/transportation/utilities, up 84,000
- Information, down 17,000
- Financial activities, down 10,000
- Professional/business services, down 14,000
- Education/health services, down 5,000
- Leisure/hospitality, up 210,000
- Other services, down 1,000
The ADP National Employment Report is an independent estimate of the change in US private employment and pay derived from actual, anonymized payroll data of client companies served by ADP. It’s produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab.
The report was recently revamped and is no longer a forecast of the private payroll numbers produced by the US Bureau of Labor Statistics; the BLS is slated to publish its report on October jobs data on Friday.
Original Article:(https://www2.staffingindustry.com/Editorial/Daily-News/US-private-sector-adds-239-000-jobs-in-October-ADP-63516)
