U.S. employment up 230K in October, ADP says

Private-sector employment grew by approximately 230,000 jobs in October, according to Roseland-based ADP.

The payroll and human services company said in its monthly ADP National Employment Report that the number of jobs grew by 227,000 positions from September to October.

“Despite a significant shortage in skilled talent, the labor market continues to grow,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said. “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.”

Large-sized businesses with 500 workers or more were on top in October, adding 102,000 employees. Medium-sized companies with 50 to 499 workers added 96,000, while small businesses with under 50 workers added 29,000.

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.”

Under the Top 10 sectors in the ADP survey, those in the service-producing industry dominated, adding 189,000 jobs compared with 38,000 in the goods-producing industry.

In the service sector, trade/transportation/utilities added the most jobs, reporting an additional 61,000, while leisure/hospitality added 40,000 and professional/business services added 36,000.

Under the goods sector, construction and manufacturing added the most jobs, each bringing in 17,000, respectively.