Data released from the ADP Research Institute last Wednesday revealed U.S Companies added 147,000 workers in October, the fewest in five months. American firms have cited a lack of available high-skilled workers in the talent pool as a contributing factor of the hiring cool down. Policy-makers at the Federal Reserve, however, remain optimistic about job growth and progress in the labor market.
“-Construction payrolls dropped by 15,000 last month, the biggest decline since May
-Factories shed 1,000 workers
-Employment at business services firms rose by 69,000 and payrolls increased by 38,000 in leisure and hospitality
-Companies employing 500 or more workers added 64,000 jobs; payrolls climbed by 48,000 at medium-sized businesses, or those with 50 to 499 employees; small companies’ staffs grew by 34,000
Read the full report and other insights at ADP Research Institute.