ADP: Private-Sector Employment Up 110,000
Private-sector employment nationwide increase by 110,000 in October, exclusively in the services sector, according to payroll processing firm Automatic Data Processing (ADP).
All of the gains were concentrated in small and medium-sized businesses, while large businesses saw a drop of 1,000 jobs, according to data collected by ADP and Macroeconomic Advisers. The report found that the services sector gained 114,000 jobs while the manufacturing sector lost 4,000. The results explain the growth in service-sector employment as well as the uncertainty among manufacturers around investment and hiring.
"Nevertheless, we are seeing a better balance between small- and medium-sized business job growth compared to previous months," said Gary C. Butler, chief executive officer for ADP.
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