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Financial News: U.S. Private Sector Job Growth Exceeds Estimates In

U.S. Private Sector Job Growth Exceeds Estimates In October

10/30/2019 - 09:31:00 (RTTNews)

(RTTNews) - Payroll processor ADP released a report on Wednesday showing U.S. private sector employment increased by slightly more than anticipated in the month of October.

ADP said private sector employment climbed by 125,000 jobs in October compared to economist estimates for an increase of about 120,000 jobs.

However, the report also showed private sector job growth in September was downwardly revised to 93,000 from the previously reported addition of 135,000 jobs.

The stronger than expected job growth in October came as employment in the service-providing sector jumped by 138,000 jobs, more than offsetting the loss of 13,000 jobs in the goods-producing sector.

The report showed notable job growth in the education and health services and trade, transportation, and utilities industries.

ADP also said employment at mid-sized businesses climbed by 64,000 jobs, while large businesses added 44,000 jobs and employment at small businesses edged up by 17,000 jobs.

"Job growth has throttled way back over the past year. The job slowdown is most pronounced at manufacturers and small companies," said Mark Zandi, chief economist of Moody's Analytics. "If hiring weakens any further, unemployment will begin to rise."

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

Employment is expected to rise by 90,000 jobs in October after climbing by 136,000 jobs in September, while the unemployment rate is expected to inch up to 3.6 percent from 3.5 percent.

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