Payroll processor ADP today released its monthly national employment report. About 365,000 new private sector jobs were added from September to October. Highlights from the infographic.
That’s less than half the job growth reported in the previous month.
“The labor market continues to add jobs, yet at a slower pace,” said Ahu Yildirmaz, vice president and co- head of the ADP Research Institute. “Although the pace is slower, we’ve seen employment gains across all industries and sizes.”
October’s figure signals that the job-creation pace slowed significantly in the month compared with September, when 753,000 jobs were gained, up from an initial estimate of 749,000.
The U.S. has been adding payroll gains uninterruptedly since May, when the economy reopened after a lockdown imposed to control the coronavirus. The labor market, however, is still far from recovering the record-breaking 19.4 million jobs that were destroyed in April and monthly gains are slowing down.
…The U.S. Department of Labor is expected to release its October employment report, which covers the same period as the ADP National Employment Report, on Friday. Economists are expecting it to show nonfarm payrolls up 530,000 jobs for the month, and a reduction in the unemployment rate to 7.7% from 7.9% in September.
More signs of slowing economic growth in the fourth quarter of the year.