Jobs, jobs, jobs! October's job growth rebounded after the hurricanes:
Bottom Line: The October ADP Report is in and the news is pretty good across the board. After the weakest month for jobs of the year in September, in the wake of hurricanes Harvey and Irma, we got back on track in September. According the report we added 235,000 jobs for the month and the breadth was also the most positive in several months. Here's the breakdown:
- Small biz: +79,000
- Mid-sized: +66,000
- Large: +90,000
It's great to see small businesses bounce back soundly after actually shedding jobs in September during the hurricanes. The 79,000 jobs added is the best for small businesses since May and is additional affirmation of the momentum the economy has going for it. Small businesses are the best leading indicator for the health of an economy because they are the fastest to have to react to changes in business/economic conditions. There's plenty of room for optimism with the 3%+ growth economy and resilience in the jobs numbers after taking a significant blow from the hurricanes. Add in meaningful tax reform & we'll be cooking with gas.