ABA Banking Journal
According to the ADP National Employment Report, the non-farm private sector added 182,000 jobs in October, down from 190,000 in September. The goods-producing sector saw faster job growth for the month, while the pace of growth in the service-providing sector slowed.
“Job growth as measured by the ADP Research Institute is not slowing meaningfully in contrast with the recent slowdown in the government’s data,” said Mark Zandi, chief economist of Moody’s Analytics. “The economy is creating close to 200,000 jobs per month. Job gains are broad based with energy and manufacturing alone subtracting from the top line. Small businesses, in particular, are contributing to the labor market’s solid performance”
Small businesses, with less than 50 employees added 90,000 jobs in October, up from 47,000 in September. Medium-sized businesses, with 50-499 employees added 63,000 jobs, up from 42,000 in September. Large businesses, with 500 or more employees added 29,000 jobs, down sharply from the 100,000 added in September.
Goods producing employment rose by 24,000 jobs – three times higher than September’s rate, as construction jobs grew by 35,000 and manufacturing jobs fell at a much slower pace.
Service-providing employment rose by 158,000, down from 182,000 in September. Professional and business services contributed 13,000 jobs, less than half of last month’s contribution, while the trade transportation and utilities sector expanded by 35,000 jobs, down from 38,000 in September.
Read the ADP release.