US October ADP Employment Surges by 42,000, Exceeding Forecasts
ADP data shows a 42,000 increase in U.S. private sector jobs for October, driven by gains in trade, transportation, and utilities, despite declines in several service sectors.
Summary
The October ADP employment report showed U.S. private sector jobs rising by 42,000, exceeding expectations and reversing a revised September drop of 29,000. Job growth was concentrated in trade, transportation, and utilities, which added 47,000 positions, while manufacturing, information, and professional services sectors experienced declines. Economists note that ADP’s payroll-based data differs from the Bureau of Labor Statistics’ official figures, which remain delayed due to the government shutdown.
Terms & Concepts
- ADP Employment Report: A monthly measure of non-farm private sector employment changes in the US, compiled by payroll processor ADP.