Following the new weekly update of ADP’s employment report showing a rebound to job additions after two straight month of declines, analysts expected a 30k rise in jobs for October’s monthly report.
And analysts were right with ADP reporting 42k jobs added in October (better than expected)
Source: Bloomberg
Services added 32k jobs while Goods Producers added 9k…
Last month delivered a rebound from two months of weak hiring, but the bounce wasn’t broad-based.
Education and health care, and trade, transportation, and utilities led the growth.
For the third straight month, employers shed jobs in professional business services, information, and leisure and hospitality.
“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year,” according to Dr. Nela Richardson Chief Economist, ADP.
“Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced.”
Small Businesses have also lost jobs for three straight months.
But, this overall rebound fits with the Revelio Labs monthly job growth data…
Source: Apollo
And a slight decline in job cut announcements (despite all the headlines)…
Source: Apollo
Hardly a major gain in jobs but its not a decline. Having said that, we find it hard to believe that The Fed will see this number and feel like another cut in December is not required.
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