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Financial News: U.S. Private Sector Job Growth Slows More Than

U.S. Private Sector Job Growth Slows More Than Expected In October

11/04/2020 - 09:29:00 (RTTNews)

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

ADP said private sector employment rose by 365,000 jobs in October after spiking by an upwardly revised 753,000 jobs in September.

Economists had expected private sector employment to surge by 650,000 jobs compared to the jump of 749,000 jobs originally reported for the previous month.

"The labor market continues to add jobs, yet at a slower pace," said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. "Although the pace is slower, we've seen employment gains across all industries and sizes."

The report said employment in the service-providing sector spiked by 348,000 jobs, while employment in the goods-producing sector edged up by 17,000.

Employment at mid-sized businesses climbed by 135,000 jobs, and employment at large and small businesses increased by 116,000 jobs and 114,000 jobs, respectively.

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

Employment is expected to increase by about 600,000 jobs in October after climbing by 661,000 jobs in September. The unemployment rate is expected to edge down to 7.7 percent from 7.9 percent.

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