The U.S. nonfarm private sector employment rose by 365,000 jobs from September to October, down from expected 650,000, according to ADP Research Institute’s press release. Employment gains were recorded across all industries and sizes, albeit at a slower pace.
- Employment by Company Size
- Medium businesses, those with 50-499 employees, added the most jobs at 135,000, down from previous 259,000 month over month basis
- Large businesses, 500 and above employees, added 116,000, down from previous 297,000 month over month basis
- Small businesses, 49 and below employees, added the least jobs at 114,000, down from previous 192,000 month over month basis
- Employment by Sector
- Service providing businesses added the most jobs at 348,000, down from previous 552,000 month over month basis
- Franchise entities added 49,600 jobs.
- The goods-producing sector added 17,000 jobs, down from previous 196,000 month over month basis
U.S. stocks are gaining. SPY is up 2.76%, S&P 500 is up 2.68%, QQQ: NASDAQ is up 4.22%
