Inside the ADP Report...October’s job growth was...

Inside the ADP Report...October’s job growth was...   

Bottom Line: Exceptional yet again. Private sector jobs growth last month checked in with 227,000 jobs being added. That’s the best growth since February and evidence that the economy, averaging 3.3% growth for the year, is absolutely on track for a strong finish to the year. It’s even more remarkable considering that we’ve already have the lowest unemployment rate in 18 years. Growth like this is unheard of with an economy that’s so strong.    

Here are some key takeaways from the report:     

  • We added 66,000 more private sector jobs year over year (Oct 17’ to Oct 18’)   
  • In 2018 we've averaged 204,000 private sector jobs per month     

As for where the jobs were added in October:        

  • Small biz: +29k        
  • Mid-Sized: +96k        
  • Large: +102k       

Mid-sized companies (50-499 employees) are still knocking the cover off of the ball and you can see the ramp up by big businesses in advance of the holidays is super strong this year. We’d prefer to see larger gains with small businesses, but they’ve been struggling to compete with larger companies for talent and that appears to have been the reason why those numbers weren’t higher in October. 

As for industries leading the pack...        

  • Trade, transportation & utilities: +61k        
  • Leisure & Hospitality +40k 
  • Professional and business services: +36k        
  • Education & Health +31k      
  • Construction/Manufacturing +17k each  

With 3.3% annual growth through the third quarter in 2018 and 3.5% growth in the 3rd quarter specifically - It’s evident we ended the third quarter with a red-hot economy & should be well on our way to continued 3%+ growth to end the year

 

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