By Kathleen Madigan
Private businesses continued to add workers at a healthy clip
last month, a positive sign for year-end economic growth, according
to an employment survey released Wednesday.
Another estimate saw even stronger hiring with job creation at
over 300,000.
Private payrolls in the U.S. increased by 230,000 jobs in
October, according to the national employment report compiled by
payroll processor Automatic Data Processing Inc. and forecasting
firm Moody's Analytics.
Economists surveyed by The Wall Street Journal projected ADP to
report an October increase of 220,000 new private-sector jobs. The
September increase was revised to 225,000, from 213,000.
October marked the seventh consecutive month in which ADP said
private payrolls had grown by 200,000 or more.
Earlier Wednesday, TrimTabs Investment Research said it
estimated the U.S. economy added 314,000 new jobs in October.
TrimTabs' estimates are based on analysis of daily income tax
deposits to the U.S. Treasury.
Both reports are issued ahead of the Bureau of Labor Statistics'
employment situation report scheduled for Friday. Economists think
the BLS will report October nonfarm payrolls--which include
government positions--increased by 233,000 new jobs, just a shade
fewer than the 248,000 slots created in September.
The October unemployment rate is expected to hold at 5.9%.
According to ADP, firms employing between one and 49 workers
added 102,000 new workers last month. Medium-size businesses with
payrolls of 50-499 workers increased payrolls by 122,000 employees.
Large firms, businesses with 500 or more employees, hired just
5,000 more workers.
Service-sector payrolls increased by 181,000 workers in October.
Manufacturing added 15,000 jobs. Construction payrolls increased by
28,000 slots, a large hiring gain for that sector.
Write to Kathleen Madigan at kathleen.madigan@wsj.com