ABA Banking Journal
The non-farm private sector added 227,000 jobs in October, according to the ADP National Employment Report. This followed a downwardly revised 218,000 job increase in September.
Small businesses with fewer than 50 employees gained 29,000 jobs. Medium-sized businesses with 50-499 employees created 96,000, while large businesses added 102,000 jobs.
“Despite a significant shortage in skilled talent, the labor market continues to grow,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. ”We saw significant gains across all industries with trade and leisure and hospitality leading the way. We continue to see larger employers benefit in this environment as they are more apt to provide the competitive wages and strong benefits employees desire.”
Service-providing employment rose by 189,000 jobs, driven by the trade/transportation and utilities sector, which added 61,000. The leisure and hospitality sector had a robust report, adding 40,000 jobs. Goods-producing employment grew by 38,000 jobs. Both the manufacturing and construction industries gained 17,000 jobs.
Read the ADP report.
