Private Sector Employment Growth Hits Four-Month High in October

Source: ADP

Private sector employment in the United States grew by a four-month high in October, driven mainly by services amid the winding down of the COVID-19 delta wave.

• Private sector employment grew by 571,000 jobs in October, higher than the 523,000 jobs in September and the 422,000 recorded a year ago.
• The latest reading is the highest in four months since private employment grew by a total of 741,000 jobs in June.
• Large firms accounted for 342,000, followed by medium businesses with which hired an additional 114,000, and small businesses with 115,000.
• In terms of sectors, goods added 113,000 jobs while services increased by 458,000 jobs during the month.
• The leisure and hospitality sector led the growth with 185,000 additional jobs, followed by professional and business services, trade and transportation, and education. 
• Moody’s Analytics Chief Economist Mark Zandi attributed the growth to the easing of cases brought about by COVID-19, with growth driven by large firms.