Private Job Growth Down This Month In Wake Of U.S. Shutdown, ADP Says
Source: Los Angeles Times
By Jim Puzzanghera
October 30, 2013, 6:49 a.m.
WASHINGTON -- Business hiring slowed this month with the private sector adding just 130,000 net new jobs as the partial government shutdown hit an already weakening labor market, payroll processor ADP said Wednesday.
The figure was below the 150,000 average monthly job growth in the sector over the previous year as the hiring in the service sector fell off in October, said Mark Zandi, chief economist at Moody's Analytics, which assists ADP in the monthly report.
"The government shutdown and debt limit brinkmanship hurt the already softening job market in October," Zandi said. Firms that do government contracting were affected by the 16-day government shutdown and the fiscal impasse probably caused small companies to hold off on hiring, he said.
The 130,000 private-sector jobs added in October marked the smallest gain since April, ADP said. Economists had projected ADP's numbers would show the private sector added 138,000 jobs last month.
Read more: http://www.latimes.com/business/money/la-fi-mo-adp-jobs-unemployment-shutdown-economy-20131030,0,2453362.story#axzz2jDlfMAiI
= new reply since forum marked as read
