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Private hiring jumps, unemployment claims fall

CNNMoney - Nov 1, 2012

Private sector hiring jumped in October, according to a report released Thursday by payroll processor ADP.

Private employers added 158,000 jobs in the month, ADP (ADP, Fortune 500) said, beating economists' forecasts of 143,000. The gains also topped September's figures, which were revised to 114,000 from 162,000 originally.

The October report is the first to feature ADP's new methodology aimed at further aligning its figures with the final monthly data released by the Bureau of Labor Statistics. The ADP report comes out a day before the government's official monthly jobs report, though it has not always been a great predictor of what the BLS report will say.

The revised ADP report, done in collaboration with Moody's Analytics, now offers data on five categories of company size, ranging from small businesses with no more than 19 workers to large companies with at least 1,000 employees. It also breaks down employment in five industries -- construction; financial activities; manufacturing; professional and business services; and trade, transportation and utilities -- rather than three. Also, the sample size has been increased to 406,000 companies, from 344,000.

Read Full Article from CNNMoney

- Posted: 2012-11-01 14:49:07


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