US Companies Added 42,000 jobs in October, Per ADP Data

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00:00The song remains the same. It looks like hiring has significantly slowed, according to ADP,

00:05and pretty much all of the data that we have watched from the alternative world. 42,000 jobs

00:10created during the month of October, according to the folks at Automated Data Processing.

00:16Most of the jobs are in the service-providing area as usual, although many service-providing

00:23areas did lose employment. We see a decline of 17,000 for information services, a decline of 15,000

00:31for professional and business services, and a decline of 6,000 for leisure and hospitality.

00:36The only one really gaining, as usual, is education and health care services, up 26,000.

00:44And the size of businesses, small businesses, the big job generators, lose 10,000 jobs,

00:50while medium establishments lose 21,000. Large establishments with over 500 employees

00:57gained 73,000 jobs, but we've had a lot of large establishments announcing layoffs over the past

01:04week, so it is not a particularly good number. We have only seven so far forecasts for the jobs

01:11report we're not going to get on Friday, and the consensus there was 38,000, so we're all sort of

01:16in the same range to the extent that people are even guessing, but it is still a very slow hiring

01:22environment.