Getty Images
Industryweek 12311 Job Report

Private Sector Hiring Falls in October

Nov. 2, 2016
The slowdown in hiring suggests employers were having difficulty finding candidates, indicating a tightening labor market.

Job creation in the private sector slowed in October following strong gains in the previous month,  ADP said on Nov. 2.

Businesses added 147,000 new positions for the month, well below a consensus analyst forecast of 165,000 jobs.

However, September's total was revised upwards by 31% to 202,000, suggesting labor markets ended the summer in a stronger position than originally thought.

The report arrives two days before the release of the highly-anticipated monthly employment report from the Labor Department.

Economic concerns are front and center in the final days of the bitter race for the presidency.

The Federal Reserve also is due to announce a decision on interest rate policy later Wednesday. Policymakers have disagreed on the health of job markets, with some believing the US has not yet reached full employment.

However, Mark Zandi, chief economist at Moody's Analytics, which helped produce the ADP employment report, said the slowdown in hiring suggests employers were having difficulty finding candidates, indicating tightening labor market.

"Job growth remains strong although the pace of growth appears to be slowing. Behind the slowdown is businesses' difficulty filling open positions. However, there is some weakness in construction, education and mining," Zandi said.

Copyright Agence France-Presse, 2016

Continue Reading

Popular Sponsored Recommendations

Machine Learning and Predictive Analytics Guidebook for Engineers

Sept. 27, 2023
Leverage Domain Expertise to Drive Optimization – Without Needing a Data Scientist.

The Ultimate Ecommerce Excellence Checklist

Oct. 2, 2023
Scaling ecommerce operations is no easy task when your business is moving fast. Assess your current ecommerce maturity level and set optimization priorities with this practical...

Discrete and Process Manufacturing 2024 Trends and Outlook for North America

Oct. 29, 2023
Manufacturers are reaping the benefits of automation and cloud-based solutions. Discover what is driving today's industry trends and how they can shape your growth priorities ...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!