Wednesday, November 01, 2017

ADP: Private Employment increased 235,000 in October

by Bill McBride on 11/01/2017 08:21:00 AM

From ADP:

Private sector employment increased by 235,000 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.
...
“The job market remains healthy and hiring bounced back with one of the best performances we’ve seen all year,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Although the service providing sector was hard hit last month due to the weather, we saw significant growth in professional services, especially in the higher paid professional technical jobs. Additionally, small businesses rebounded well from the impact of Hurricanes Harvey and Irma, posting very strong gains.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma. Resurgence in construction jobs shows the rebuilding is already in full swing. Looking through the hurricane-created volatility, job growth is robust.”
This was above the consensus forecast for 210,000 private sector jobs added in the ADP report. 

The BLS report for October will be released Friday, and the consensus is for 323,000 non-farm payroll jobs added in September.