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article imageADP: U.S. economy adds 230,000 private-sector jobs in October

By John Presta     Nov 5, 2014 in Politics
Washington - On the heels of the midterm elections where Republicans regained control of the U.S. Senate, and the House has increased its majority, the ADP National Employment Report was released and it showed more of the same: a vastly improving job market.
CNN reported that exit polls showed that "heading into the voting booth, seven in ten Americans said they were concerned about economic conditions." This is in face of the vastly improving economy and job market. ADP National Employment Report was released this morning, as private-sector employment increased by 230,000 from September to October, on a seasonally adjusted basis. Some of the highlights of the ADP report includes the following: Small businesses (1-49 employees) +102,000; medium businesses (50-499 employees) +122,000; and large businesses (500 or more employees) +5,000.
By industry, the job change was an increase of 28,000 construction jobs, 15,000 manufacturing jobs, 47,000 trade/transportation/utilities jobs, 4,000 financial activities jobs and 53,000 professional/business services jobs.
One of the criticisms of the job growth is that wages have not accelerated during the past 54 months of this dramatic job growth, one of the longest job expansions in U.S. history. However, Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is steadily picking up pace. Job growth is strong and broad-based across industries and company sizes. At this pace of job growth unemployment and underemployment is quickly declining. The job market will soon be tight enough to support a meaningful acceleration in wage growth."
Wages are expected to increase over the coming months as demand for labor intensifies across the country and across the board.
Total nonfarm payroll employment increased by 248,000 in September, and the unemployment rate declined to 5.9 percent, the U.S. Bureau of Labor Statistics last month. In that report, employment increased in professional and business services, retail trade, and health care. Over the last year, the unemployment rate and the number of unemployed persons were down by 1.3 percentage points and 1.9 million, respectively.
The Bureau of Labor Statistics will release its October report this coming Friday morning and it is expected to mirror the ADP report.
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