Private firms’ payrolls increased by 571,000 in October, far exceeding experts’ expectations as hiring throughout the country heats up, according to a major employment report.
The 571,000 jobs added is a slight increase from the 523,000 jobs added in September, the ADP National Employment Report showed. The Dow Jones estimate predicted companies would add 395,000 jobs in October, CNBC reported.
“The job market is revving back up as the Delta-wave of the pandemic winds down,” Mark Zandi, chief economist of Moody’s Analytics, said in the ADP report. (RELATED: U.S. Consumer Spending Grew Slowly In September)
“There has been acceleration in terms of private sector hiring, which is quite encouraging,” @OxfordEconomics’ @GregDaco says, about the ADP report. “Then underlying details… were quite encouraging too — we saw job gains across a number of business categories.” pic.twitter.com/bm1zqInduH
— Yahoo Finance (@YahooFinance) November 3, 2021
“Job gains are accelerating across all industries, and especially among large companies. As long as the pandemic remains contained, more job gains are likely in coming months,” Zandi added.
Leisure and hospitality saw the biggest gain, adding 185,000 jobs, helping the service sector add 458,000 jobs, according to the report. The goods producing sector added 113,000 jobs while large businesses added 342,000.
“Service sector providers led the increase and the goods sector gains were broad based, reporting the strongest reading of the year. Large companies fueled the stronger recovery in October, marking the second straight month of impressive growth,” Nela Richardson, chief economist at ADP, said in the report.
The number of Americans who filed new unemployment claims dropped to 281,000 in the week ending Oct. 23 as companies compete to hold on to workers in a tight labor market, the Bureau of Labor Statistics announced on Oct. 28.
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