US private sector added 235,000 jobs in October

According to ADP, about 235,000 private-sector jobs were added in October 2017, which was more than what was expected. The reason may be mainly the need for people in the construction job after the destruction caused by Harvey and Irma. In September, the gain in the private sector job was just 110,000.

Large businesses contributed the maximum by adding about 90,000 jobs, the medium-sized sector added about 66,000 and the remaining 79,000 jobs were added by the small private sector. The maximum rise was seen in the service sector that saw a rise in 150,000 jobs while the production of goods saw a rise by 85,000. There were also job losses in other sectors such as transportation, trade, education and information sectors.

Most people were surprised at the numbers as the hurricanes were expected to reduce the labor market data. But, the job market rebounded strongly from the hurricanes. With volatility being increased by the hurricanes, it has led to job growth after the rebuilding work started in full swing since the hurricanes. Hospitality and the leisure sector added about 45,000 jobs while the jobs in healthcare and social assistance sector grew by 44,000.

While many thought that the effects of the hurricane would last for a few months the economy seems to have come back in full force.

November 23, 2017 - 09:45
Posted in:
0 comments