The United States job market did better than expected in October in terms of job growth, with over 40,000 new private sector jobs.
Workers’ annual pay, however, remains up by 4.5%, year-over-year, staying flat last month. Dr. Nela Richardson, chief economist for Always Designing for People (ADP), said in a Wednesday report, “Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year. Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced.”
The ADP Nov. 5 report explains that some industries are adding jobs as other industries lose them, highlighting an economic and job market shift as to which sectors of the economy are growing or shrinking:
Private employers added 42,000 jobs in October
Last month delivered a rebound from two months of weak hiring, but the bounce wasn’t broad-based. Education and health care, and trade, transportation, and utilities led the growth. For the third straight month, employers shed jobs in professional business services, information, and leisure and hospitality.
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America added over 40,000 new jobs in October, which Fox Business announced was indeed better than projected. It is important that these jobs were in the private sector, a marked contrast to the Biden administration’s job market, when all the touted “job gains” were either in the federal government or going to immigrants.
In contrast, as of July, under the Trump administration, employment of American-born workers had reached a record high while jobs for foreigners declined. While legal immigrants can strengthen our economy, the decline in employment of U.S.-born men — particularly blue collar workers — was a serious Biden administration crisis which the Trump administration has corrected, partly by discouraging employment of illegal aliens.
It is unclear whether the private sector is growing significantly or if the loss of jobs in some industries offsets the gains in other industries. ADP described the October job gains as a “Change in U.S. Private Employment” of 42,000.
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ADP added more data:
Change by Industry
• Goods-producing: 9,000
o Natural resources/mining 7,000
o Construction 5,000
o Manufacturing -3,000
• Service-providing: 33,000
o Trade/transportation/utilities 47,000
o Information -17,000
o Financial activities 11,000
o Professional/business services -15,000
o Education/health services 26,000
o Leisure/hospitality -6,000
o Other services -13,000
Yes, the government shutdown has left many government workers without a job, but the real engine of our nation’s economy is the private sector. If we can transfer thousands of workers from government employment to private employment — particularly in manufacturing — that will be better for our nation, driving productivity and long-term economic growth. That, indeed, should be the goal for American employers and Republican officials going forward.
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