Private Sector Adds 130,000 Jobs in October
Prospective job seekers meet Oct. 24 with company reps at the annual “Honor a Hero — Hire a Vet” job fair in Van Nuys, Calif. (Photo: Frederic J. Brown, AFP/Getty Images)
The 16-day government shutdown hurt jobs growth in the private sector this month with only 130,000 jobs added, a drop if 15,000 from September, according to ADP’s National Employment Report.
September also didn’t add as many jobs as ADP originally reported. It revised private sector payroll increases from 166,000 to 145,000.
Service industries added the most jobs, but still fewer than last month at 107,000 compared with 130,000 in September. Trade, transportation, and utilities businesses had the biggest October jobs growth within the service sector.
October jobs performance among private employers was “well below the average of the last 12 months,” ADP President and CEO Carlos Rodriguez said in a company statement.
He added that large businesses fared better than small businesses in terms of payroll growth between September and October.
Mark Zandi, Moody’s Analytics chief economist, warned that if private sector jobs growth doesn’t recover, the country could face an increase in unemployment.
“The government shutdown and debt limit brinksmanship hurt the already softening job market in October,” he said in an ADP release. “Any further weakening would signal rising unemployment.”
Service industries added the most jobs, but still fewer than last month at 107,000 compared with 130,000 in September. Trade, transportation, and utilities businesses had the biggest October jobs growth within the service sector.
October jobs performance among private employers was “well below the average of the last 12 months,” ADP President and CEO Carlos Rodriguez said in a company statement.
He added that large businesses fared better than small businesses in terms of payroll growth between September and October.
Mark Zandi, Moody’s Analytics chief economist, warned that if private sector jobs growth doesn’t recover, the country could face an increase in unemployment.
“The government shutdown and debt limit brinksmanship hurt the already softening job market in October,” he said in an ADP release. “Any further weakening would signal rising unemployment.”
SOURCE: USA Today
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