Gains in hiring and a boost fromlower taxes are supporting consumer spending, the biggest part ofthe economy, at a time the headwinds from a trade war with Chinaare worsening. (Image: Shutterstock)

Companies in October added the highest number of workers ineight months to U.S. payrolls, topping estimates and signalingthe job market remains solid, according to datareleased Wednesday from the ADP Research Institute in Roseland, NewJersey.

Highlights of ADP employment (October)

  • Private payrolls increased by 227,000 (est. 187,000) afterrevised 218,000 advance in Sept. (prior 230,000)
  • Payrolls in goods-producing industries, which include buildersand manufacturers, rose 38,000 after a 48,000 rise
  • Service providers added 189,000 from payrolls after a 170,000gain

Related: What is monopsony, and how does it affectwages?

Key takeaways

The results, ahead of the monthly jobs report due from the LaborDepartment on Friday, are a positive sign for private payrolls. Thedata may reflect swings related to Hurricane Michael during themonth and the aftermath of Hurricane Florence that struck inSeptember. Even so, demand for labor was fairly broad-based acrossindustries including manufacturing, construction, trade andtransportation, leisure, and professional services, the ADP reportshowed.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.