ADP Reports 86,000 Private-Sector Jobs Added in October

ADP reported that U.S. private-sector employers added 86,000 jobs in October, matching the revised increase for September and exceeding economists’ forecasts. The estimate came from ADP’s monthly National Employment Report, produced with the Stanford Digital Economy Lab, and was released Wednesday, November 4. ADP’s September estimate was revised to an increase of 86,000 from 90,000. Forecasts cited ahead of the October report ranged from 69,000 in a Reuters poll to 75,000 in the Dow Jones consensus. The ADP figures are estimates based on payroll data, rather than a count from the federal government’s broader employment report. Service-providing industries accounted for 82,000 of October’s job gains, while goods-producing industries added 4,000, ADP reported. Trade, transportation and utilities led sector gains with 39,000 jobs. Education and health services added 28,000, and leisure and hospitality added 19,000. Professional and business services lost 27,000 jobs, marking a third consecutive monthly decline, according to ADP. Natural resources and mining shed 8,000 jobs, while information employment fell by 2,000. The sector results show that the overall increase was...