The ADP Jobs Report is out for October, and it's better than expected. At first, the projected number of jobs was supposed to be 200,000 jobs, but the report exceeds this by 35,000 jobs. This was a dramatic increase from September's numbers. Again, the bulk of the jobs came from the service industry at 150,000. Of those, professional and business services contributed the most, boasting 109,000 jobs. It seems as if the job market has rebounded from the disastrous hurricanes.
In regards to company size, the job distribution was pretty even with larger companies seeing the most growth at 90,000. The lowest growth was in midsized companies at 66,000, which is pretty sizable regardless of being the weakest in growth. Every business seems to be making gains, and that's great news for the economy going forward.
It's also encouraging to see the finance sector grow in October. Amid such uncertainty in the given political climate, jobs don't seem to be diminishing anytime soon. In fact, it could trigger the opposite.
This report comes before the government's nonfarm payrolls report so we'll see more detail there when that's out in a couple of days. Payrolls are estimated to increase by 309,000. As the year starts closing down, we may see even more growth, but only time will tell. If your company is optimistic for the future and looking to grow out your team, contact us to find the best talent out there.