Oct. 30, 2013 -- Private sector employment increased by 130,000 jobs from September to October, according to the October ADP National Employment Report. Released each month, the report is produced by ADP, a global provider of payroll, human resources and other business process services, in collaboration with Moody's Analytics. The report measures the change in total non-farm private employment each month on a seasonally-adjusted basis. September's job gain was revised down from 166,000 to 145,000.
- ADP reported revenue growth of 8%, 7% organic, to $2.8 billion for the first fiscal quarter ended September 30, 2013.
- Pretax and net earnings from continuing operations increased 7% and 9%, respectively.
- Diluted earnings per share from continuing operations of $0.68 increased 10% from $0.62 a year ago.
- ADP acquired 4.2 million shares of its stock for treasury at a cost of $303 million in the quarter.
- ADP hosted its first ever “Innovation Day” showcasing the company’s latest Human Capital Management (HCM) enhancements and announced plans to expand its Innovation Lab to New York’s “Silicon Alley.”
- ADP was named to Forbes’ list of World’s Most Innovative Companies for the third consecutive year and also was named a Leader in Multi-Process Human Resources Outsourcing by Everest Group.
Service-providing industries added 107,000 jobs in October, down from 130,000 in September. Among the service industries reported by the ADP National Employment Report, trade/transportation/utilities added the most jobs with 40,000 over the month. Professional/business services employment rose by 20,000, while financial activities shed 5,000 jobs.
"According to ADP National Employment Report findings, the U.S. private sector added a total of 130,000 jobs during the month of October, well below the average of the last twelve months," said Carlos Rodriguez, president and chief executive officer of ADP. "Small business growth was down from the previous month, while payrolls among large enterprises showed an increase."
Mark Zandi, chief economist of Moody's Analytics, said, "The government shutdown and debt limit brinksmanship hurt the already softening job market in October. Average monthly growth has fallen below 150,000. Any further weakening would signal rising unemployment. The weaker job growth is evident across most industries and company sizes."
The matched sample used to develop the ADP National Employment Report was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24 million workers in the U.S.