ROSELAND, N.J., Oct. 30 (UPI) — U.S. private-sector employment rose by 130,000 jobs in October, shy of the 150,000 economists expected, Automatic Data Processing said Wednesday.
Adding to the disappointment, ADP dropped its September estimate of new jobs from 166,000 to 145,000 and its estimate for August from 159,000 to 151,000.
In October, ADP said firms with under 50 employees added 37,000 jobs in the month, while companies with at least 500 on the payroll added 81,000. Mid-sized firms gained 13,000 jobs in the month, ADP said.
The figures are a stark reversal from early in the economic recovery, when small businesses were responsible for the lion’s share of the hiring.
ADP said goods producing firms added 24,000 jobs in October, while the service sector added 107,000.
Construction companies added 14,000 jobs in the month, while manufacturing firms added 5,000. Companies listed under trade, transportation and utilities added 40,000 jobs, while financial firms lost 5,000 positions in October.
Professional and business services jobs rose by 20,000 in the month, ADP said.