US ADP Report: Job growth overwhelmingly beats expectation

Today ADP employment numbers were released from the US for the month of October.

ADP number shows the US labour markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect remains active completely as goods-producing sector adding jobs.

• September payroll got a revision. It has now revised to 110,000 (down from 135,000).

Key highlights –

• Non-farm private sector employment grew at 235,000 in October, the median expectation was for 200,000.
• The small business sector added 79,000 jobs, compared to 7,000 loss last month.
• Employment in franchise increases to 30,600 compared to last month’s 14,000.
• Mid-sized companies added 66,000 jobs compared to last month’s 63,000 jobs.
• The Large sector added just 90,000 compared to last month’s 79,000 jobs.
• Manufacturing sector payroll registered 22,000 jobs gain compared to 18,000 jobs gain last month.
• 85,000 jobs were gained in the goods-producing sector, compared to last month’s 48,000 jobs gain.
• The construction sector saw 62,000 jobs gain, compared to last month’s 29,000 jobs gain.
• Services sector employment remains high as payroll added 150,000 people in October. September gain was 88,000.

The dollar index is currently trading at 93.65, down 0.1% for the day so far.