October's job growth is the highest since June and the second highest gain of 2014, according to today's employment report released by payroll-processing firm ADP and partner Moody's Analytics. The U.S. economy added 230,000 jobs in October—up from September's revised gain of 225,000 (originally reported as 213,000) and a significant increase from August's 162,000 jobs (initially stated as 204,000).
"The job market is steadily picking up pace. Job growth is strong and broad-based across industries and company sizes," says Moody's Analytics chief economist Mark Zandi in a press release.
Monthly improvement in employment in the construction industry more than doubled over the course of the month—rising from the downwardly revised figure of 13,000 jobs in September to 28,000 in October. This is the highest monthly job gain in the sector since June. Continued job growth in the total employment figures over the next few months "is conceivable if housing and construction kicks into higher gear," said Zandi in a press conference call.
The manufacturing industry isn't looking as good, especially in comparison to last month. The industry added 15,000 jobs in October, down by more than half from September's adjusted figure of 33,000, which was the highest total in that sector since March 2011.
The professional and business services sector, a broad category that most likely includes architects and engineers, experienced deflated growth in October. The month’s gain of 53,000 jobs is below September’s revised 59,000.
The U.S. Bureau of Labor Statistics report is scheduled for release Friday morning and will provide more detailed information about the economic state of the construction and architecture fields.
Charts: Maggie Goldstone; Source: ADP, Moody's Analytics
