ADP's latest job estimates show that the U.S. private sector added 42,000 jobs in October. This is a sign that the job market is getting better after losing jobs for two months in a row. The ADP monthly report is now more important for economists and investors because the federal government is closed. ADP's top economist said that even while employment growth has come back, it is still slow and inconsistent. The largest improvements were in industries including trade, transportation, utilities, education, and health services. However, sectors like information and professional services kept losing jobs.
The research also highlighted several warnings for the economy in general. A decrease in tourism and hospitality, which is usually a good sign of consumer demand, could mean that consumption is reducing. Small businesses are also hiring fewer people, which makes people worry about their finances. The number of new positions, which was 42,000, was higher than what economists were expecting. However, the overall employment market is still smaller than it was at the beginning of the year.
