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Financial News: U.S. Private Sector Job Growth Reaccelerates In October

U.S. Private Sector Job Growth Reaccelerates In October

11/01/2017 - 08:58:00 (RTTNews)

(RTTNews) - After reporting a notable slowdown in U.S. private sector job growth in the previous month, payroll processor ADP released a report on Wednesday showing a bigger than expected increase in private sector employment in the month of October.

ADP said private sector employment climbed by 235,000 jobs in October after rising by a downwardly revised 110,000 jobs in September.

Economists had expected an increase of about 200,000 jobs compared to the addition of 135,000 jobs originally reported for the previous month.

The bigger than expected increase came after private sector employment grew at its slowest rate in nearly a year in September.

The report showed a notable rebound in employment at small businesses, which climbed by 79,000 jobs in October. Employment at large and medium businesses also increased by 90,000 jobs and 66,000 jobs, respectively.

ADP said employment in the goods-producing sector rose by 85,000 jobs, partly reflecting an increase of 62,000 construction jobs. The service-providing sector added 150,000 jobs.

"The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma," said Mark Zandi, chief economist of Moody's Analytics.

"Resurgence in construction jobs shows the rebuilding is already in full swing," he added. "Looking through the hurricane-created volatility, job growth is robust."

On Friday, the Labor Department is scheduled to release it more closely watched monthly employment report, which includes both public and private sector jobs.

Employment is expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September. The unemployment rate is expected to hold at 4.2 percent.

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