Market Wired (11/04/15)
Private sector employment increased by 182,000 jobs from September to October, according to Automatic Data Processing. Goods-producing employment rose by 24,000 jobs in October, representing the best month in this sector since January of this year. The construction industry added 35,000 jobs in October, roughly matching September’s gain. Meanwhile, manufacturing remained in negative territory, losing 2,000 jobs in October after shrinking by 17,000 in September. Service-providing employment rose by 158,000 jobs in October, down from a downwardly revised 182,000 in September.
“Job growth as measured by the ADP Research Institute is not slowing meaningfully in contrast with the recent slowdown in the government’s data,” says Mark Zandi, chief economist of Moody’s Analytics. “The economy is creating close to 200,000 jobs per month. Job gains are broad based with energy and manufacturing alone subtracting from the top line. Small businesses, in particular, are contributing to the labor market’s solid performance.”