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Private Sector Adds 227K Jobs in October, Most Since February
Large businesses helped drive up employment growth in October to a level not experienced since last February. The U.S. private sector added 227,000 jobs last month, according to the ADP National Employment report issued by ADP Research Institute and Moody’s Analytics. By comparison, the private sector added 241,000 jobs in February.
Businesses with at least 500 employees added 102,000 jobs in October, and medium-size businesses, those with between 50 and 499 employees, added 96,000 jobs.
“Despite a significant shortage in skilled talent, the labor market continues to grow,” says ADP Research Institute’s Ahu Yildirmaz. “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.”
The service sector experienced the largest boost, adding 189,000 jobs. The segment gained 61,000 jobs in trade, transportation and utilities, the most of any of the sector subcategories. Construction and manufacturing each added 17,000 jobs within the goods-producing sector.
The only blemish noted are the struggles small businesses are having filling open job positions.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
