US ADP private employment grew 239k in October, above expectation of 198k. Goods-producing jobs decreased -8k but service-providing jobs increased 247k. By company size, small establishments added 25k jobs, medium added 218k, large lost -4k.
“This is a really strong number given the maturity of the economic recovery but the hiring was not broad-based,” said Nela Richardson, chief economist, ADP. “Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains. While we’re seeing early signs of Fed-driven demand destruction, it’s affecting only certain sectors of the labor market.”