Gains in hiring and a boost from lower taxes are supporting consumer spending, the biggest part of the economy, at a time the headwinds from a trade war with China are worsening. (Image: Shutterstock)
Companies in October added the highest number of workers in eight months to U.S. payrolls, topping estimates and signaling the job market remains solid, according to data released Wednesday from the ADP Research Institute in Roseland, New Jersey.
Highlights of ADP employment (October)
- Private payrolls increased by 227,000 (est. 187,000) after revised 218,000 advance in Sept. (prior 230,000)
- Payrolls in goods-producing industries, which include builders and manufacturers, rose 38,000 after a 48,000 rise
- Service providers added 189,000 from payrolls after a 170,000 gain
Related: What is monopsony, and how does it affect wages?
|Key takeaways
The results, ahead of the monthly jobs report due from the Labor Department on Friday, are a positive sign for private payrolls. The data may reflect swings related to Hurricane Michael during the month and the aftermath of Hurricane Florence that struck in September. Even so, demand for labor was fairly broad-based across industries including manufacturing, construction, trade and transportation, leisure, and professional services, the ADP report showed.
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