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Report: Private Sector Jobs Jump in October
Nov 2, 2012
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Private sector employment grew by 158,000 jobs from September 2012 to October 2012, according to Automatic Data Processing, Inc.

The number is well above the average of the last six months, 116,000. It is also above the average of the last three months 118,000.

The report is derived from ADP payroll data, measuring the change in nonfarm private employment on a seasonally adjusted basis. It was the first ADP National Employment Report in a new format and with new partner Moody's Analytics.

"Businesses are adding consistently to their payrolls," said Mark Zandi, chief economist of Moody's Analytics. "October's job gains were in line with the average monthly gains of the past two years, with sturdy albeit less than stellar growth across most industries and company sizes. Businesses have turned more cautious in recent months, but that has yet to impact their hiring and firing decisions."

Gains were seen in:
* Construction - up 23,000 jobs
* Professional and Business - 35,000 jobs
* Financial Services - 9,000 jobs
* Trade, Transportation & Utilities - 24,000 jobs

The manufacturing sector, however, was down by 8,000 jobs.

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