US ADP report showed private sector employment grew 227k in October, higher than expectation of 190k. ADP vice president Ahu Yildirmaz noted in the release that there were “significant gains across all industries with trade and leisure and hospitality leading the way”. Also, “larger employers benefit in this environment as they are more apt to provide the competitive wages and strong benefits employees desire.”
Moody’s Analytics chief economist Mark Zandi 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.”
