According to ADP, US companies added a healthy 230,000 jobs in October.
This was up from the 225,000 added in September. It was also stronger than the 220,000 expected by economists.
“Employment continues to trend upward as we begin the last quarter of 2014, driven mostly by small to mid-sized companies,” ADP’s Carlos Rodriguez said.
“The job market is steadily picking up pace,” Moody’s Analytics’ Mark Zandi noted. “Job growth is strong and broad-based across industries and company sizes. At this pace of job growth unemployment and underemployment is quickly declining. The job market will soon be tight enough to support a meaningful acceleration in wage growth.”
Many folks consider ADP a preview of the official jobs report from the BLS, which comes on Friday. But they also caution against reading to much into the ADP numbers.
“The frequent and large revisions to the ADP employment report limit its usefulness in forecasting,” Barclays’ Jesse Hurwitz said. “However, we view the October [ADP] report as largely consistent with our outlook for nonfarm payroll gains of 225k in Friday’s employment report from the Labour Department.
Here’s a look at the historical monthly numbers:
Here’s the change by industry:
And here’s the change by company size: