ADP Payroll Report = +571,000

The ADP report on private payrolls said that 571,000 new jobs were created last month. Expectations were for 400,000.

Leisure and hospitality, a category that includes bars, restaurants, hotels and the like, saw a gain of 185,000 for a sector that remains well below its pre-pandemic employment level. The sector is seen as a proxy for an economic recovery that stalled over the summer due to a rise in the delta Covid variant and a massive clog in supply lines.

“The job market is revving back up as the delta wave of the pandemic winds down,” said Mark Zandi, chief economist at Moody’s Analytics, which aids ADP in compiling the report. “Job gains are accelerating across all industries, and especially among large companies. As long as the pandemic remains contained, more big job gains are likely in coming months.”

The official jobs report is due out on Friday.

Posted by on November 3rd, 2021 at 1:29 pm


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