ADP: Economy adds 230,000 jobs in October

THE national economy added 230,000 private sector jobs in October, according to ADP’s monthly employment report published this morning.  It marks the 6th time in the last 7 months the economy added 200,000+ jobs (August was revised down from 204,000 to 162,000).

ADP

adp 2

From Mark Zandi, chief economist at Moody’s Analytics:

The job market is steadily picking up pace.  Job growth is strong and broad-based across industries and company sizes.  At this pace of job growth unemployment and underemployment is quickly declining.  The job market will soon be tight enough to support a meaningful acceleration in wage growth.

Zandi’s a little sanguine in his comments.  Underemployment is still problematic and declining “quickly”, and there is no sign of wage acceleration.

Here is a quick breakdown of the jobs gains by firm size:

  • Small Businesses (1 – 49 employees): 102,000
  • Medium Businesses (50 – 499):  122,000
  • Large Businesses (500+):  5,000

By sector:

  • Goods producing:  48,000
  • Service providing:  181,000

And by industry:

  • Construction:  28,000
  • Manufacturing:  15,000
  • Trade/trans./utilities:  47,000
  • Financial activities:  4,000
  • Prof./business services:  53,000

 

John Haskell

About John Haskell

John graduated from the University of Southern Maine with a degree in Political Science, and from the University of Maine School of Law. He has worked in both the public and private sectors, and currently, works with a small business services company in the Mid-Coast area.