ADP Says Private Sector Added 233,0000 Jobs, More Than Twice ExpectationsJohn Carney 30 Oct 2024
U.S. businesses added 233,000 jobs in October, marking the strongest employment gain in over a year, according to new data from payroll processor ADP.
Economists had forecast just 115,000 new jobs for October in the ADP report.
While ADP’s monthly data has historically been an imperfect predictor of the government’s official employment figures, trends in the two reports typically align over time. ADP now says that its survey is not intended to predict the official figures. Instead, it aims to provide an independent assessment of the labor market.
The Bureau of Labor Statistics, expected to release its employment figures this Friday, is anticipated to report a more modest 110,000 new jobs added in October. The lower forecast for the government’s report partly reflects challenges such as the recent Boeing strike and disruptions caused by Hurricanes Milton and Helene, both of which are expected to impact October’s job numbers.
The much stronger-than-expected results is likely to bring further scrutiny of the decision last month by the Federal Reserve to cut its benchmark interest rate by half a percentage point. The Fed said it was cutting to fend off further weakness in the labor market—but the October ADP figures show no signs of softness.
Manufacturing employment fell in the month, while mining and construction added jobs. The biggest source of job growth was private education and health services, where employment expanded by 53,000. Trade, transportation, and utilities added 51,0000 jobs, leisure and hospitality added 37,000 jobs, and professional and business services added 31,000.
https://www.breitbart.com/economy/2024/10/30/adp-jobs-october/
