US ADP private employment grew 571k in October, above expectation of 400k. By company size, small businesses added 115k, medium businesses added 114, large businesses added 342k. By sector, goods-producing jobs grew 113k, service-providing jobs grew 458k.
“The labor market showed renewed momentum last month, with a jump from the third quarter average of 385,000 monthly jobs added, marking nearly 5 million job gains this year,” said Nela Richardson, chief economist, ADP. “Service sector providers led the increase and the goods sector gains were broad based, reporting the strongest reading of the year. Large companies fueled the stronger recovery in October, marking the second straight month of impressive growth.”
