As the political landscape shifts dramatically, the nation’s tattered jobs market showed just a hint that it, too, may be turning around.
According to a monthly report from payroll processor Automated Data Processing (NYSE:ADP), private-sector jobs jumped by 43,000 last month, about double what economists were predicting. What’s more, the large September decrease was lowered to a drop of just 2,000 from the initially reported 39,000.
Today’s numbers come two days in front of the monthly nonfarm payroll report from the government which is expected to show a gain of about 60,000 jobs and an unemployment rate staying at 9.6%.
The ADP data include only private-sector jobs, while the report from the Labor Department on Friday will include government employment. According to Dow Jones, the private employment component of the nonfarm payroll report is expected to show a rise of about 78,000.
"Given modest GDP growth in the second and third quarters, and the usual lag of employment behind GDP, it would not be surprising to see several more months of lethargic employment gains, even if the economic recovery gathers momentum," ADP said in its release.
ADP said businesses with 500 employees or more trimmed 2,000 jobs while medium-sized businesses added 24,000. Small businesses – those with fewer than 50 employees – expanded their payrolls by 21,000.



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