Wednesday, October 31, 2018

ADP: Private Employment increased 227,000 in October

by Calculated Risk on 10/31/2018 08:19:00 AM

From ADP:

Private sector employment increased by 227,000 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.
“Despite a significant shortage in skilled talent, the labor market continues to grow,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.”We saw significant gains across all industries with trade and leisure and hospitality leading the way. We continue to see larger employers benefit in this environment as they are more apt to provide the competitive wages and strong benefits employees desire.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market bounced back strongly last month despite being hit by back-to-back hurricanes. Testimonial to the robust employment picture is the broad-based gains in jobs across industries. The only blemish is the struggles small businesses are having filling open job positions.”
This was above the consensus forecast for 180,000 private sector jobs added in the ADP report. 

The BLS report for October will be released Friday, and the consensus is for 190,000 non-farm payroll jobs added in October.