ADP Employment Report At a Glance
- Total Nonfarm Private Employment: 115,754,000
- Monthly Change: Up 106,000
- Products Producing Sector: 22,140,000
- Monthly Change: Down 28,000
- Service Producing Sector: 93,614,000
- Monthly Change: Up 134,000
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Nonfarm private employment grew 106,000 from September to October of 2007 on a
seasonally adjusted basis, according to the ADP National Employment Report™. The
estimated change in employment from August to September was revised up 3,000 to
61,000. October’s increase of 106,000 marked an acceleration of private nonfarm
employment after three months (July through September) during which the average
monthly change was just 43,000.
In October, employment in the service-providing sector of the economy grew a healthy
134,000. Employment in the goods-producing sector declined 28,000, the eleventh
consecutive monthly decline. Employment in the manufacturing sector fell 14,000.
Small- and medium-size businesses more than accounted for the increase in total
employment in October, with employment among these businesses advancing by
113,000. In contrast, employment among large businesses fell by 7,000 in October, the
fifth consecutive monthly decline.
The gains in employment at small- and medium-size businesses were concentrated in the
service-providing sector of the economy, and showed a gain of 132,000. However,
employment among these same-size businesses in the goods-producing sector fell 19,000.
Two sectors of the economy hit hardest by recent problems in mortgage markets have
been residential construction and financial activities related to home sales and mortgage
lending. In October, employment in the construction sector fell 16,000 (see chart 5), the
thirteenth decline in the last fourteen months, bringing the cumulative decline since
August of 2006 to 173,000. In addition, employment in the financial activities sector
dropped 1,000 in October, the third consecutive monthly decline after nearly six years of
uninterrupted growth (see chart 5).
This month’s ADP Report includes a comparison of the ADP Report to last month’s
release of the Bureau of Labor Statistics preliminary estimates of benchmark revisions to
the establishment survey through March 2007 (see chart 6). This comparison indicates a
downward revision of the establishment survey to a level consistent with the ADP Report
for the same time period.
Source: Automatic Data Processing, Inc.
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