U.S. Companies Add Most Workers in Seven Months, ADP Data Show

Companies added more workers than forecast to U.S. payrolls in October, indicating hiring snapped back after hurricanes Harvey and Irma, according to data released Wednesday from the ADP Research Institute in Roseland, New Jersey.

Highlights of ADP Employment (October)

  • Private payrolls rose by 235k (est. 200k), the biggest gain since March, after revised 110k gain in September
  • Payrolls in goods-producing industries, which include builders and manufacturers, rose 85k; service providers added 150k to payrolls
  • Construction employment jumped by 62k, the most since February 2006
  • Payrolls at business services providers added 109,000, the highest in records to 2002

Key Takeaways

Source link