by Bill McBride on 11/04/2015 08:20:00 AM
Wednesday, November 04, 2015
Private sector employment increased by 182,000 jobs from September to October according to the October ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was close to the consensus forecast for 185,000 private sector jobs added in the ADP report.
Goods-producing employment rose by 24,000 jobs in October, representing the best month in this sector since January of this year. The construction industry added 35,000 jobs in October, roughly matching September’s gain. Meanwhile, manufacturing remained in negative territory losing 2,000 jobs in October after shrinking by 17,000 in September.
Service-providing employment rose by 158,000 jobs in October, down from a downwardly revised 182,000 in September. ...
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth as measured by the ADP Research Institute is not slowing meaningfully in contrast with the recent slowdown in the government’s data. The economy is creating close to 200,000 jobs per month. Job gains are broad based with energy and manufacturing alone subtracting from the top line. Small businesses, in particular, are contributing to the labor market’s solid performance.”
The BLS report for October will be released Friday, and the consensus is for 190,000 non-farm payroll jobs added in October.
Posted by Bill McBride on 11/04/2015 08:20:00 AM