The nonfarm private sector added 42,000 jobs in October, and annual pay was up 4.5% year-over-year, according to the ADP National Employment Report. This follows an upward revision of September’s report from -32,000 jobs to -29,000.
Small businesses with fewer than 50 employees lost 10,000 jobs. Medium-sized businesses with 50–499 employees lost 21,000 jobs, and large businesses gained 73,000 jobs.
“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year”. “Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced,” said Nela Richardson, chief economist at ADP.
Service-providing employment gained 33,000 jobs, driven by trade/transportation/utilities added 47,000, followed by education/health services which added 26,000. However, information services lost 17,000 jobs.
Goods-producing employment gained 9,000 jobs. Natural resources/mining and construction added 7,000 and 5,000 jobs respectively, while manufacturing lost 4,000 jobs.
Read the ADP report.
