Making Financial Headlines · Page 6
ADP Finds 86,000 New Jobs, Economists Find Another Chart to Examine
· New York time
Private employers added 86,000 jobs in October, slightly more than expected, according to ADP. The report showed steady private-sector job growth, with gains spread across sectors. ADP's measure provides a view of private payrolls, rather than a complete count of every job in the economy. Its monthly estimate gives businesses and market watchers one indicator of hiring conditions as they assess the pace of employment growth. The result suggests that private hiring continued without producing a dramatic surprise relative to expectations. For people looking for work, conditions can still differ by industry and location. An aggregate figure can describe the direction of hiring without promising a particular opening or wage to any individual. Employers also use the broader climate to consider staffing and spending. A steady increase is a different signal from a sudden surge or a contraction, and the slightly stronger-than-expected figure gave analysts a modest detail to discuss. There is something reassuringly untheatrical about a report that arrives close to expectations. After all the forecasts, the private sector added jobs and economists got to move a point on their graphs. The labor market has declined to provide a dramatic season finale, but the chart makers will still be back next month.
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