The economic mover and shaker this week is Friday’s employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository). Today we have the ADP October estimate of 227K new nonfarm private employment jobs, an increase over the ADP revised September figure of 218K.
The 227K estimate came in above the Investing.com consensus of 189K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 184K nonfarm private new jobs and the unemployment rate to rise to 3.8%. Their forecast for the October full nonfarm new jobs is (the PAYEMS number) is 191K.
Here is an excerpt from today’s ADP report press release:
“Despite a significant shortage in skilled talent, the labor market continues to grow,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.”We saw significant gains across all industries with trade and leisure and hospitality leading the way. We continue to see larger employers benefit in this environment as they are more apt to provide the competitive wages and strong benefits employees desire.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market bounced back strongly last month despite being hit by back-to-back hurricanes. Testimonial to the robust employment picture is the broad-based gains in jobs across industries. The only blemish is the struggles small businesses are having filling open job positions.”
Here is a visualization of the two series over the previous twelve months.
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