The U.S. economy added 147,000 private, non-farm jobs in October, according to the monthly employment report released this morning by payroll-management firm ADP and its partner Moody’s Analytics. The seasonally adjusted result marks a 27 percent drop from September’s upward-revised 202,000 jobs, and a 21 percent drop from the 185,000 addition as of October 2015.
About 23 percent (34,000) of the payroll additions in October took place at businesses with fewer than 50 employees, a figure roughly on par with September. Within that figure, firms employing fewer than 20 individuals accounted for less than half (14,000) of those additions.
“Job growth has slowed a bit over the past year … but 150,000 is still a very good, solid number, well above the rate job growth needed to absorb the growth of working age population.” Moody’s Analytics chief economist Mark Zandi said in a conference call this morning.