Small businesses with fewer than 50 employees added 34,000 jobs, down from 54,000 in September. Medium-sized businesses with 50-499 employees added 48,000 jobs, down from 80,000 last month. Large businesses added 64,000 jobs, down from 69,000 in September.
“Job growth appears to be shifting from small to large companies due to the lessening impact the global economic environment had on large companies earlier in the year,” said Ahu Yildirmaz, vice president and head of the ADP Research institute. “This is also true because large companies often have the resources to attract workers with better pay and benefit packages.”
Service-providing employment rose by 165,000 jobs, 69,000 of which were in the professional and business services sector. Health care and social assistance jobs also increased, adding 34,000 jobs. In contrast, goods-producing employment fell by 18,000 jobs. The construction industry led the decline, shedding 15,000 jobs.
Read the ADP report.
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