The non-farm private sector gained 571,000 jobs in October, according to the ADP National Employment Report. This follows a revised September increase of 523,000 jobs.
Small businesses with fewer than 50 employees gained 115,000 jobs. Medium-sized businesses with 50-499 employees gained 114,000, while large businesses increased by 342,000 jobs.
“The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year,” said Nela Richardson, chief economist, ADP. “Service sector providers led the increase and the goods sector gains were broad based, reporting the strongest reading of the year. Large companies fueled the stronger recovery in October, marking the second straight month of impressive growth.”
Service-providing employment led the increase with 458,000 jobs gained, driven by the leisure & hospitality and professional/business services sectors, which rose by 185,000 and 88,000 jobs respectively.
Goods-producing employment rose by 113,000 jobs. The manufacturing sector gained 53,000 jobs and construction rose by 54,000 jobs. Natural resources/mining rose by 6,000 jobs.
Read the ADP report.