The non-farm private sector gained 239,000 jobs in October, according to the ADP National Employment Report. This follows a revised September increase of 192,000 jobs.
Small businesses with fewer than 50 employees gained 25,000 jobs. Medium-sized businesses with 50-499 employees gained 218,000 while large businesses increased by 4,000 jobs.
“This is a really strong number given the maturity of the economic recovery, but the hiring was not broad-based. 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.”.
Service-providing employment gained 247,000 jobs, driven by gains in the Leisure and hospitality and Trade, transportation and utilizes sectors which grew by 210,000 and 84,000 jobs respectively.
Goods-producing employment lost 8,000 jobs in October. The manufacturing sector lost 20,000 jobs and construction gained 1,000 jobs. Natural resources/mining also gained 11,000 jobs.
Read the ADP report.
