by Calculated Risk on 11/03/2021 08:19:00 AM
Private sector employment increased by 571,000 jobs from
September to October according to the October ADP(R) National Employment ReportTM. Broadly
distributed to the public each month, free of charge, the ADP National Employment Report is produced by
the ADP Research Institute(R) in collaboration with Moody’s Analytics. The report, which is derived from
ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private
employment each month on a seasonally-adjusted basis
“The labor market showed renewed momentum last month, with a jump from the third quarter average of
385,000 monthly jobs added, marking nearly 5 million job gains this year,” said Nela Richardson, chief
economist, ADP. “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.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is revving back up as the Delta wave of the pandemic winds down. Job gains are accelerating across all industries, and especially among
large companies. As long as the pandemic remains contained, more big job gains are likely in coming months.”
This was well above the consensus forecast of 400,000 for this report.
The BLS report will be released Friday, and the consensus is for 413 thousand non-farm payroll jobs added in October. The ADP report has not been very useful in predicting the BLS report.