Monster CMO Elliot Seaborn discusses big business ramping up fourth-quarter hiring.
Private employers hired at a slower-than-expected pace in October, indicating the labor market's recovery from the coronavirus crisis is cooling, according to the ADP National Employment Report released Wednesday.
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The report showed that companies created 365,000 new jobs last month, sharply missing the 650,000-job increase that economists surveyed by Refinitiv had expected.
While the data is typically a good indicator of what to expect in the more closely watched jobs report from the Labor Department, the ADP figure has regularly missed the government's count since the pandemic began in mid-March. (In June, for instance, ADP initially said private employers added 2.37 million jobs -- well below the 4.8 million reported by the U.S. government. It also said the economy lost 2.7 million jobs in May, while the Labor Department reported a gain of 2.5 million).
The Labor Department's jobs report is predicted to show the U.S. economy added 600,000 jobs last month, down slightly from September's gain of 661,000. Analysts anticipate unemployment will edge lower to 7.6% from 7.9%.
This is a developing story. Please check back for updates.
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November 04, 2020 at 08:11PM
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US private employers add 365,000 jobs in October, missing expectations - Fox Business
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