US ADP Report: October proves to be strong for employment

Today ADP employment numbers were released from the US for the month of October.

ADP number shows the US labor markets remains strong.

There are two things to note in the headline that,

• ADP report indicates that the economy remains strong in terms of jobs gain.

• September payroll saw a revision, where the headline was revised down to 218,000 (from 230,000).

Key highlights –

• Non-farm private sector employment grew at 227,000 in October, the median expectation was for 189,000.
• The small business sector added 29,000 jobs, compared to 56,000 gain last month.
• Mid-sized companies added 96,000 jobs compared to last month’s 99,000 jobs.
• The large sector added just 102,000 compared to last month’s 75,000 jobs.
• Manufacturing sector payroll registered 17,000 jobs gain compared to 7,000 jobs gain last month.
• 38,000 jobs were gained in the goods-producing sector, compared to last month’s 46,000 jobs gain.
• The construction sector added 17,000 jobs, compared to last month’s 34,000 jobs gain.
• Services sector remains the main job provider as payrolls added 189,000 people in October. September gain was 184,000.

The dollar index is currently trading at 96.96, down 0.06 percent for the day so far.