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Financial News: U.S. Private Sector Employment Jumps By 239,000 Jobs

U.S. Private Sector Employment Jumps By 239,000 Jobs In October, More Than Expected

11/02/2022 - 09:29:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. increased by more than expected in the month of October, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment jumped by 239,000 jobs in October after climbing by a downwardly revised 192,000 jobs in September.

Economists had expected private sector employment to advance by 195,000 jobs compared to the addition of 208,000 jobs originally reported for the previous month.

"This is a really strong number given the maturity of the economic recovery but the hiring was not broad-based," said ADP chief economist Nela Richardson. "Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains."

She added, "While we're seeing early signs of Fed-driven demand destruction, it's affecting only certain sectors of the labor market."

The bigger than expected increase in private sector employment reflected a surge in employment in the leisure and hospitality sector, which added 210,000 jobs.

Employment in the trade, transportation and utilities sector also climbed by 84,000 jobs, while employment in the manufacturing sector fell by 20,000 jobs.

On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of October.

Economists expect employment to increase by 200,000 jobs in October after jumping by 263,000 jobs in September, while the unemployment rate is expected to inch up to 3.6 percent from 3.5 percent.

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