In case anyone has forgotten that “the business of America is business,” as Calvin Coolidge once said, and not elections, ADP has a sobering reminder today. The payroll-processing giant published its numbers on private-sector job growth today, and it’s the lowest number in three months.
Their survey predicts that the US added 365,000 jobs in October — a good pace under normal circumstances, but a dropoff of over half of September’s adjusted figure. This may be further evidence that the stimulus effects of the expired CARES Act have mostly faded. On the bright side, the gains were almost exactly evenly distributed among the size groupings in the private sector:
Private sector employment increased by 365,000 jobs from September to October according to the October ADP National Employment Report® . Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. …
“The labor market continues to add jobs, yet at a slower pace,” said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. “Although the pace is slower, we’ve seen employment gains across all industries and sizes.”