by Bill McBride on 11/02/2011 08:15:00 AM
Wednesday, November 02, 2011
Employment in the U.S. nonfarm private business sector increased by 110,000 from September to October on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated advance in employment from August to September was revised up to 116,000 from the initially reported 91,000.This was slightly above the consensus forecast of an increase of 100,000 private sector jobs in October. The BLS reports on Friday, and the consensus is for an increase of 90,000 payroll jobs in September, on a seasonally adjusted (SA) basis.
Employment in the private, service-providing sector rose 114,000 in October. Although down a bit from an increase of 122,000 in September, this increase marks more than 20 consecutive months of employment gains. Employment in the private, goods-producing sector declined 4,000 in October, while manufacturing employment declined by 8,000.
Government payrolls have been shrinking by about 35,000 on average per month this year. So this suggests around 110,000 private nonfarm payroll jobs added, minus 35,000 government workers - or around 75,000 total jobs added in October. Of course ADP hasn't been very useful in predicting the BLS report.
Posted by Bill McBride on 11/02/2011 08:15:00 AM