Wednesday, November 04, 2020

ADP: Private Employment increased 365,000 in October

by Calculated Risk on 11/04/2020 08:19:00 AM

From ADP:

Private sector employment increased by 365,000 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 labor market continues to add jobs, yet at a slower pace,” said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. “Although the pace is slower, we’ve seen employment gains across all industries and sizes.
emphasis added
This was below the consensus forecast for 650 thousand private sector jobs added in the ADP report.

The BLS report will be released Friday, and the consensus is for 600 thousand non-farm payroll jobs added in October. Of course the ADP report has not been very useful in predicting the BLS report.