Some good news on the employment front as the October ADP jobs report shows a jump of 571,000 in private sector payrolls…(ADP)
- Private sector employment increased by 571,000 jobs from September to October.
- This is slightly higher than September’s report that reported a jump 523,000 jobs.
Large businesses were responsible for over half the jobs gain creating 342,000 jobs this month.
- Small businesses created 115,000 jobs and mid-size businesses were right behind at 114,000.
The service sector was responsible for over 80%(458k) of the employment gains. Leisure/hospitality created 185,000 jobs followed by professional business services (+88k), trade/transportation (+78k), and health care (+47k).
- The goods-producing sector created 113,000 jobs in October with the biggest gain coming in construction (+54k) followed by manufacturing (+53k) and natural resource/mining (+6k)
Nela Richardson, ADP chief economist, did point out that despite some dissapointing reports 2021 wil be a good year for job growth…
- “The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year,”
Mark Zandi, chief economist of Moody’s Analytics, said job growth will continue to acclerate if the pandemic can be kept at bay
- “The job market is revving back up as the Delta wave of the pandemic winds down. Job gains are accelerating across all industries, and especially among large companies. As long as the pandemic remains contained, more big job gains are likely in coming months.”
PREDICITIONS: Goldman Sachs says Friday’s jobs numbers will report 525,000, Daniel Zhao of Glassdoor says 571k jobs, and Adam Ozimek at Upwork says 880k.