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ADP: Middle market drives jobs growth in October

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ADP: Middle market drives jobs growth in October

Middle market accounts for over half of the 230,000 jobs created during the month.

Private sector employment increased by 230,000 jobs from September to October, according to payroll processing giant ADP. Middle market companies hired 122,000 new workers, which comprised 53% of the total.

Analysts had expected an increase of 220,000 overall

"Job growth is strong and broad-based across industries and company sizes." 

Goods-producing employment rose by 48,000 jobs in October, down slightly from 50,000 jobs gained in September. The construction industry added 28,000 jobs over the month, above last month’s gain of 13,000. Meanwhile, manufacturing added 15,000 jobs in October, down by over half from September’s 33,000 which was the highest total in that sector since March 2011.

Service-providing employment rose by 181,000 jobs in October, up from 176,000 in September. Professional/business services contributed 53,000 jobs in October. Expansion in trade/transportation/utilities grew by 47,000, up from September’s 37,000. The 4,000 new jobs added in financial activities was less than half of last month’s number.

"Employment continues to trend upward as we begin the last quarter of 2014, driven mostly by small to mid-sized companies,” said Carlos Rodriguez, president and chief executive officer of ADP. “October’s job growth is the highest since June and the second highest gain of 2014.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is steadily picking up pace. Job growth is strong and broad-based across industries and company sizes. At this pace of job growth unemployment and underemployment is quickly declining. The job market will soon be tight enough to support a meaningful acceleration in wage growth.”

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