U.S. Private Sector Employment Rebounds More Than Expected In October
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. rebounded by more than expected in the month of October.
ADP said private sector employment climbed by 42,000 jobs in October after slipping by a revised 29,000 jobs in September.
Economists had expected private sector employment to rise by 25,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month.
While private sector employment rebounded following two months of weak hiring, ADP noted the bounce wasn't broad-based.
The education and health care and trade, transportation, and utilities sectors led the growth, but employers in the professional business services, information, and leisure and hospitality sectors shed jobs for the third straight month.
"Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year," said ADP chief economist Dr. Nela Richardson.
She added, "Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced."
ADP noted year-over-year pay growth for both job-stayers and job-changers was unchanged compared to the previous month at 4.5 percent and 6.7 percent, respectively.
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