WASHINGTON (Reuters) – Job creation in the U.S. private sector was strong in October despite a persistent labor shortage.
This Wednesday ADP’s National Employment Report shows that 571,000 jobs were created in the private sector last month. The September data has been revised downwards to show that 523,000 jobs were created instead of the 568,000 jobs initially announced.
Economists consulted by Reuters estimate that 400,000 new jobs will be created.
The ADP report was co-produced with Moody’s Analytics and was released ahead of the Labor Department’s most detailed employment data for October, which will be released on Friday. However, the Labor Statistics Agency (BLS) reported that he had a poor record in predicting job creation in the private sector due to differences in methodology.
Despite the persistent shortage of workers, economists expect hiring to accelerate in October. At the end of August, 10.4 million vacancies had been opened.
Labor market indicators improved in October as the summer (northern hemisphere) summer wave of delta-variant Govt-19 infections slowed significantly.
Unemployment claims have dropped to less than 300,000 for the first time since the corona virus outbreak in the United States about 20 months ago.
According to a Reuters poll of economists, 400,000 jobs should have been created in the private sector by October. With government jobs forecast to be cut by 50,000, this could lead to the creation of 450,000 vacancies.
The economy created 194,000 jobs in September, the lowest number in nine months. Labor supply remained tight despite the end of federal-funded unemployment benefits, which businesses and Republicans argued would stimulate unemployment.
(By Lucia Muttigani)
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