ROSELAND, NJ – November 3, 2010 – (Motor Sports Newswire) – Private-sector employment increased by 43,000 from September to October on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP®), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month.
|Nonfarm Private Employment Highlights — October Report:|
|* Small businesses represent payrolls with 1-49 employees|
|** Medium businesses represent payrolls with 50-499 employees|
|*** Large businesses represent payrolls with more than 499 employees|
|Note: All data included in the ADP National Employment Report is based on size of payroll. In some cases, small and medium-size payrolls belong to businesses employing more workers than indicated by the size grouping.|
According to the ADP Report, employment in the service-providing sector rose by 77,000 in October, the ninth consecutive monthly gain. This increase was enough to offset an employment decline in the goods-producing sector of 34,000. Construction employment dropped by 23,000 during October and manufacturing employment declined 12,000.
“Today’s ADP National Employment Report shows that U.S. private sector employment remains frustratingly stagnant,” said Gary C. Butler, President and Chief Executive Officer of ADP. “The new Congress has a great opportunity to make job creation priority one by taking actions that both reduce uncertainty across the economy and incentivize businesses to invest and expand.”
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, “Since employment began rising in February, the monthly gain has averaged 34,000 with a range of -2,000 to +65,000 during the period. October’s figure is within this recent range and is consistent with the deceleration of economic growth that occurred in the spring. Employment gains of this magnitude are not sufficient to lower the unemployment rate. Given modest GDP growth in the second and thirds quarters, and the usual lag of employment behind GDP, it would not be surprising to see several more months of lethargic employment gains, even if the economic recovery gathers momentum.”
“Large businesses, defined as those with 500 or more workers, decreased by 2,000 while employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 24,000. Employment among small-size businesses, defined as those with fewer than 50 workers, increased by 21,000,” said Prakken.
The matched sample used to develop the ADP National Employment Report was derived from ADP data which, during the twelve-month period through June 2010, averaged over 340,000 U.S. business clients and represented over 21 million U.S. employees. This approximately represents the size of the matched sample used this month.
Small Business Highlights — October Report:
Due to the important contribution small businesses make to economic growth, employment data that is specific to businesses with fewer than 50 employees will be reported in the ADP Small Business Report® each month. The ADP Small Business Report is a subset of the ADP National Employment Report.*
- Total small business employment: +21,000
- Goods-producing sector: -16,000 small business jobs
- Service-providing sector: +37,000 small business jobs
*All size data included in the ADP National Employment Report is based on size of payroll. In some cases, small and medium-size payrolls belong to businesses employing more workers than indicated by the size grouping.
Private employment among small businesses increased by 21,000 in October, according to the ADP Small Business Report released today. Additional information about small business employment, including charts on monthly job growth and employment levels, along with historical data, is available at http://www.smallbusinessreport.adp.com.
“Small businesses, defined as those with fewer than 50 workers, saw employment increase by 21,000 during October. Small business employment has now increased for eight consecutive months, driven by gains in the service-providing sector,” said Joel Prakken.
To obtain additional information about the ADP National Employment Report, including additional charts, supporting data and the schedule of future release dates, or to subscribe to the monthly email alerts and RSS feeds, please visit www.ADPemploymentreport.com. The November 2010 ADP National Employment Report will be released December 1, 2010 at 8:15 AM ET.
About the ADP National Employment Report®
The ADP National Employment Report, sponsored by ADP®, was developed and is maintained by Macroeconomic Advisers, LLC. It is a measure of employment derived from an anonymous subset of roughly 500,000 U.S. business clients. During the twelve month period through June 2010, this subset averaged over 340,000 U.S. business clients and over 21 million U.S. employees working in all private industrial sectors. The ADP Small Business Report is a monthly estimate of private nonfarm employment among companies in the United States with 1-49 employees and is a subset of the ADP National Employment Report. The data for both reports is collected for pay periods that can be interpolated to include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments. Due to this processing, this subset is modified to make it indicative of national employment levels; therefore, the resulting employment changes computed for the ADP National Employment Report are not representative of changes in ADP’s total base of U.S. business clients.
For a description of the underlying data and the statistical properties of the series, please see “ADP National Employment Report: Development Methodology” at http://ADPemploymentreport.com/methodology.aspx.
Automatic Data Processing, Inc. (NASDAQ: ADP), with nearly $9 billion in revenues and about 550,000 clients, is one of the world’s largest providers of business outsourcing solutions. Leveraging over 60 years of experience, ADP offers a wide range of HR, payroll, tax and benefits administration solutions from a single source. ADP’s easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine and recreational vehicle dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1 (800) 225-5237 or visit the company’s website at www.ADP.com.
About Macroeconomic Advisers, LLC
Macroeconomic Advisers, LLC (MA) has been the most trusted source for U.S. macroeconomic forecasts and commentary, monetary and fiscal policy analysis, and econometric modeling for 25 years. MA’s clients include leading financial service firms, nonfinancial corporations, key policymaking agencies of the U.S. government, as well as State and Foreign Government agencies. Additional information on Macroeconomic Advisers, LLC is available on the company’s website, www.MacroAdvisers.com.
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SOURCE: Automatic Data Processing, Inc.