President Donald J. Trump delivers remarks on tax reform at the state fairgrounds in Indianapolis, Indiana, on Wednesday September 27, 2017. (Photo: PPD)
The ADP National Employment Report finds the U.S. economy created 235,000 private sector jobs in October, far more than the 210,000 median forecast. The Trump Administration has made wage growth through a resurgence in construction and manufacturing a key priority, and evidence that is taking hold is undeniable.
“The job market remains healthy and hiring bounced back with one of the best performances we’ve seen all year,”said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Although the service providing sector was hard hit last month due to the weather, we saw significant growth in professional services, especially in the higher paid professional technical jobs.
“Additionally, small businesses rebounded well from the impact of Hurricanes Harvey and Irma, posting very strong gains.”
Job creation from small businesses (1-49 Employees) came in at a very strong 79,000 in October, only led slightly by large businesses (500+ Employees) at 90,000. Mid-sized businesses (50-499 Employees) came in at a strong 66,000.
The higher-wage Goods-Producing sector created a solid 85,000 jobs. Construction and Manufacturing boomed in October creating 62,000 and 22,000, respectively. Natural Resources and Mining added 1,000 jobs.
Professional and business services exploded in October, adding 109,000 jobs. Trade, Transportation & Utilities (-50,000) and Information (-27,000) lost jobs as a result of the hurricanes, though they were easily offset.
“The job market rebounded strongly from the hit it took from Hurricanes Harvey and Irma,” Mark Zandi, chief economist of Moody’s Analytics, said. “Resurgence in construction jobs shows the rebuilding is already in full swing. Looking through the hurricane-created volatility, job growth is robust.”
