Wednesday, October 30, 2019

ADP: Private Employment increased 125,000 in October

by Calculated Risk on 10/30/2019 08:19:00 AM

From ADP:

Private sector employment increased by 125,000 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 tota ... 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.
...
“While job growth continues to soften, there are certain segments of the labor market that remain strong,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “The goods producing sector showed weakness; however, the healthcare industry and midsized companies had solid gains.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth has throttled way back over the past year. The job slowdown is most pronounced at manufacturers and small companies. If hiring weakens any further, unemployment will begin to rise.”
This was below the consensus forecast for 139,000 private sector jobs added in the ADP report.

The BLS report will be released Friday, and the consensus is for 93,000 non-farm payroll jobs added in October.