The numbers: The nation’s businesses created 125,000 private-sector jobs in October, payroll processor ADP said Thursday.
Economists polled by Econoday had forecast a gain of 125,000.
The September total for jobs added was revised down from an initial 135,000 to 93,000, ADP said.
What happened: Large businesses, meaning those with about 500 employees or more, added 44,000 jobs. Mid-sized enterprises (50-499 employees) added 64,000 positions, while small employers, or those with one to 49 workers, tacked on 17,000 jobs.
Goods-producing sectors such as manufacturing, construction and mining were a weak spot, with 13,000 jobs lost. Service-providing sectors showed strength, with 41,000 jobs added in education and health services, and 32,000 jobs tacked on in trade, transportation and utilities.
What they’re saying: Mark Zandi, chief economist of Moody’s Analytics, said in a news release that job growth “has throttled way back over the past year.”
“The job slowdown is most pronounced at manufacturers and small companies,” Zandi added. “If hiring weakens any further, unemployment will begin to rise.”
“While job growth continues to soften, there are certain segments of the labor market that remain strong,” said Ahu Yildirmaz, co-head of the ADP Research Institute, in the release. “The health-care industry and mid-sized companies had solid gains.”
Big picture: The American economy has been slowing, and economists have predicted that job creation will continue to lose steam due to a trade war with China that has damaged the global economy and boomeranged on the U.S.
See: Why GDP is likely to show a more wobbly U.S. economy in the third quarter
Wednesday’s ADP report comes ahead of the more closely watched release on nonfarm payrolls from the federal government on Friday.
Market reaction: Futures for the Dow Jones Industrial Average YMZ19, -0.15% were little changed on Wednesday, as traders waited for a Federal Reserve decision.
https://www.marketwatch.com/story/adp-says-125000-private-sector-jobs-created-in-october-2019-10-30-81031937
2019-10-30 13:41:00Z
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