Private payroll processor ADP reported today that employment grew by 182,000 jobs in October, slightly missing the 185,000 estimate from briefing.com. and below the 190,000 revised jobs added in September.
Service providing employment rose by 158,000 in October which is down from a revised 182,000 in September.
Payrolls for businesses with 49 or fewer employees increased by 90,000 jobs in October, almost double the revised September gain of 47,000.
Employment with companies from 50-499 employees grew by 63,000, up 50 percent from the previous month.
Employment at large companies with 500 or more employees grew by 29,000 after adding 101,000 the previous month.
Manufacturing remained in negative territory, losing 2,000 jobs in October after declining by 17,000 in September.
“Job growth as measured by the ADP research institute is not slowing meaningfully in contrast with the recent slowdown in the government’s data” said Mark Zandi, chief economist at Moody’s Analytics in a released statement.
“The economy is creating close to 200,000 jobs per month. Job gains are broad based with energy and manufacturing alone subtracting from the top line. Small businesses, in particular, are contributing to the labor market’s solid performance” Zandi added.
On Friday morning the government’s employment report for October is released.
Economists from briefing.com forecast non-farm payroll job gains of 167,00 in October which would be higher than the 142,000 in September.
The last 2 months has seen non-farm payroll growth fall to below 200,000 for 2 consecutive months.