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Private sector companies added 42,000 jobs in October, payroll processing company ADP said Wednesday.
This figure is above economists’ estimates of a gain of 28,000 jobs. The previous month’s payroll number was revised from an initially reported loss of 32,000 to a loss of 29,000.
“Private employers added jobs in October for the first time since July, but hiring was modest compared to what we reported earlier this year,” said Nela Richardson, ADP’s chief economist. “Meanwhile, wage growth has been largely flat for more than a year, indicating that shifts in supply and demand are in balance.”
The trade, transport and utilities sectors added 47,000 jobs, which was the largest job creation in October. Education and health care provided 25,000 jobs, financial activities 11,000, natural resources and mining 7,000, and construction 5,000.
A professor talks to a group of students in a lecture hall. (iStock)
On the negative side, information services lost 17,000 jobs this month, professional and business services lost 15,000 jobs and other services lost 14,000 jobs.
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The leisure and hospitality sector lost 5,000 jobs and the manufacturing sector lost 3,000 jobs.
Leisure and hospitality lost 19,000 positions in September. (iStock)
Large companies – companies with 500 or more employees – created 74,000 jobs this month. Companies with 50 to 499 employees lost 22,000 employees. Companies with fewer than 50 employees lost 10,000 jobs.
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Large companies – companies with 500 or more employees – created 74,000 jobs this month. (Yuki Iwamura/Bloomberg via Getty Images)
Wage growth in September was little changed from last month. People who stayed in their jobs saw their wages increase by 4.5% over the previous year, while wage increases for those who stayed in their jobs rose slightly to 6.7% from 6.6% in September.
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The ADP data is usually released before the Labor Department nonfarm payrolls report and can vary significantly. However, due to the federal government shutdown, the Labor Department said it would shut everything down publication of economic data. This includes initial unemployment claims and October nonfarm payroll data.
