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).
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.
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
- 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