ADP Jobs Estimate Comes In Above Expectations
Private-sector employment was estimated to have risen by 227,000 in October on a seasonally adjusted basis, ADP reported Wednesday.
Economists surveyed by IFR Markets projected an 187,000 job gain for October.
In September, ADP says that 218,000 jobs were added after the increase of 162,000 positions in August.
“Despite a significant shortage in skilled talent, the labor market continues to grow,” said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. “We saw significant gains across all industries with trade and leisure and hospitality leading the way. We continue to see larger employers benefit in this environment as they are more apt to provide the competitive wages and strong benefits employees desire.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market bounced back strongly last month despite being hit by back-to-back hurricanes. Testimonial to the robust employment picture is the broad-based gains in jobs across industries. The only blemish is the struggles small businesses are having filling open job positions.”