ADP Jobs Es­ti­mate Comes In Above Ex­pec­ta­tions

The Bond Buyer - - Market News - — Chip Bar­nett

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.”

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