The latest job data from ADP indicates that private-sector job growth rebounded in October, based on a labor market snapshot that has gained increased attention in the absence of official federal employment data.
According to ADP, private-sector businesses added an estimated 42,000 jobs last month, marking a shift into positive territory after consecutive months of job losses.
Wednesday’s job gains exceeded forecasts of 37,500 new jobs. While October marked a return to job growth, ADP warned that the rate of hiring is significantly slower than the pace seen over the past year.
Despite the positive report, ADP highlighted the gaps in employment and other data caused by the federal government shutdown. The BLS did not release a jobs report last month and is not expected to this month.
The latest jobs report from the BLS indicated that unemployment rose to 4.3% in August, with the economy adding only 22,000 jobs that month.
By CEO NA Editorial Staff
